Fareed Zakaria on Tax Cuts and Economic Growth

This is a fascinating op ed piece by Fareed Zakaria.  What do you think about this observations and conclusions?  A few of his thoughts:

"For those who think President Obama’s policies have done little to produce growth, keep in mind that the single largest piece of his policies — in dollar terms — has been tax cuts."..."In the wake of a financial crisis caused by excessive debt, tax cuts are highly unlikely to lead to increased economic activity. People use the money to pay down their debts rather than shop for cars, houses and appliances."...."As for the idea that job creators are not creating jobs because their taxes are too high... The 2001 Bush tax cuts... were, in dollar terms, the largest tax cuts in U.S. history. And the nonpartisan Congressional Research Service concluded in 2010 that “by almost any economic indicator, the economy performed better in the period before the [Bush] tax cuts than after the tax cuts were enacted. . . . GDP growth, median real household income growth, weekly hours worked, the employment-population ratio, personal savings, and business investment growth were all lower in the period after the tax cuts were enacted.” ..."Tax cuts have been a central cause of America’s deficit problems. For four decades, Washington politicians have bought popularity by cutting taxes, always saying that spending cuts or growth will make up for lost revenue. That rarely happened, and the result is $11 trillion in federal debt held by the public. To perpetuate this pandering one more time is not just dishonest — it is dangerous."

Please read the entire, interesting piece at: http://www.washingtonpost.com/opinions/fareed-zakaria-romney-is-wrong-on-tax-cuts/2012/06/07/gJQAy1pHLV_story.html