A Part-Useful, Part-Sententious Document Today, the president's Council of Economic Advisers released the administration's annual report on the economy. The Report serves as much an account and forecast of the nation's ominous economic conditions -- where it is a highly relevant and even useful document -- as a lobbying effort on behalf of extending the administration's tax reductions in 2001 and 2003. The Report argues that '01/'03 cuts considerably lowered the tax burden on labor and capital income and reduced distortions to economic decisions. The cuts "improved the efficiency of the tax structure primarily by reducing the double taxation of corporate income." Text of the Economic Report of the President is available here.