economists, including the treasury secretary at the time paul o'neill and 450 economists, including ten nobel prize laureates, who contacted bush in 2003, opposed the 2003 tax cuts on the grounds that they would fail as a growth stimulus, increase inequality and worsen the budget outlook considerably (see economists' statement opposing the bush tax cuts). some argued the effects of the tax cuts have been as promised as revenues actually increased (although income tax revenues fell), the recession of 2001 ended relatively quickly, and economic growth was positive.