Harvard Profs Criticize Bush in Letter - Citing Failed Economic Policy

More than 50 tenured and emeritus professors from Harvard Business School told President Bush to roll back his administration's massive tax cuts and stem the growth of the federal budget deficit in a harshly worded letter released late Monday night. "[Y]our policy of slashing taxes--primarily for those at the upper reaches of the income distribution--has not worked," the professors wrote to Bush. Earlier on Monday, President Bush signed the fourth major tax cut bill since he took office. Combined, the four packages are estimated to reduce federal revenues by nearly $1.9 trillion over the next decade. The 824-word letter, posted online at www.openlettertothepresident.org, marked a ringing condemnation of presidential policies from the faculty of Bush's alma mater. Bush received a master's of business administration from Harvard in 1975. he letter also raises concerns over the widening income gap between rich and poor households. "[W]hen inequality becomes extreme, it can be socially corrosive and economically dysfunctional," the professors wrote. "We don't know where the breakpoint is for the U.S., but we would rather not find out." [more ] and Actual letter [here