Do Tax Rate Cuts Really Work ??

New revision of economic growth:

The country's economic performance in the opening quarter of 2005 was better than first thought, logging a solid 3.5 percent annual growth rate in a new sign of a strong springtime business expansion.

The latest reading on gross domestic product, released by the Commerce Department on Thursday, was an upgrade from the 3.1 percent pace initially estimated for the January-to-March quarter.
"The 3.5 percent pace is really a safe and solid pace for the economy to grow. By that I mean, it is not so fast that you can have an inflationary accident and not too slow to create new jobs," said Stuart Hoffman, chief economist at PNC Financial Services Group. "It is right on the economy's speed limit."

Look for Paul Krugmans rebuttal on how this economic growth is really bad for the country shortly.