I agree. Of course, this leaves cutting cutting taxes as the only way left to improve the economy, and God knows the administration would never resort to that.
The biggest way to improve the economy left is to pull back on the stifling regulation as well as clarify the legal playing field. Neither of which this administration is going to do.
Cutting the corporate tax will help (along with allowing repatriation of cash tax free). Cutting the personal income tax rate, particularly in the upper income levels, is worthless.