In the 1980 Republican presidential primary, candidate Ronald Reagan promised both tax cuts and a huge military buildup. Rival candidate George H. W. Bush ridiculed the idea, calling it “voodoo economics” and saying it would lead to budget deficits.
As is often the case in politics, rhetoric triumphs over reason. Mr. Reagan’s rhetoric overwhelmed Mr. Bush’s reason. Mr. Bush swallowed his pride – and perhaps his good sense – and filled out the bottom of Reagan’s ticket. For the next eight years, the nation bathed in deficit spending.
In 1988, having learned not to let arithmetic stand in ambition’s path, George H. W. barnstormed the country, crowing “Read my lips: No new taxes.” Two years later, finding himself in deep voodoo, Mr. Bush tucked in his lips and raised taxes. Two years after that, George the first was turned out of office by Bill Clinton, who ran on the slogan, “It’s the economy, stupid.”
Say what you will about Mr. Clinton, he recognized good fiscal advice when he heard it. Alan Greenspan urged him to concentrate on paying down the deficit and he did. It may have felt like a spinach-eating contest at first, but the nation lifted out of recession to enjoy one of its longest periods of economic expansion and by the time Mr. Clinton left office, deficits had become surpluses.
In 1999, George W. Bush announced his intention to run for dad’s old job. He promised, if elected, he would cut taxes. Since the government was running a surplus, he said, it was only fair to return the extra money to the American people. There was a question about the continuing solvency of the Social Security system, but Bush partisans countered that by screaming, “Fuzzy math! Fuzzy math!” The only thing Poppy taught W. about economics was name-calling. At the same time, George W. also promised to build a hugely expensive missile defense shield.
Ronald Reagan fooled us in 1980. Shame on him. George W. fooled us with the same stunt in 2000. Shame on us.
In 2001, the economy tanked. Mr. Bush, who preached tax cuts in the face of a booming economy, now called for the same response to a sluggish economy. He even goaded Alan Greenspan into supporting the tax cuts. Opposite symptoms, same cure. What was that about fuzzy math?
That was when we were merely faced with anemia. Then September 11th happened. We’ve since had to spend federal dollars for emergency services, aid to the families of victims and mobilizing National Guard troops to bridges and airports.
Immediately after the attacks, Congress gave the airlines $15 billion and the president pledged $40 billion to rebuild lower Manhattan. This week, Defense Secretary Donald Rumsfeld announced the military will need an extra $20 billion this year. That’s $75 billion and we’re just getting started.
Some Democrats in Congress have suggested, in light of recent events, we might want to postpone some of the more egregious tax cuts for the rich. Caught between emergency spending and tax cuts – with a sickly economy thrown in – deficits are looming again. George W. lashed out, accusing Democrats of wanting to raise taxes and vowing “not over my dead body.”
Do you see a pattern here? There are the outrageous promises, there’s the name-calling and there are the boasts that come back to haunt him. This is not economic policy. These are three cheap political tricks and George Bush bounces among them like a pinball.
Even the greediest Republican must comprehend that he or she is better off paying taxes in a healthy economy than paying none in a moribund economy. So why can’t the White House comprehend it?
Don’t Cry for Me, Argentina
In the 1980 Republican presidential primary, candidate Ronald Reagan promised both tax cuts and a huge military buildup. Rival candidate George H. W. Bush ridiculed the idea, calling it “voodoo economics” and saying it would lead to budget deficits.
As is often the case in politics, rhetoric triumphs over reason. Mr. Reagan’s rhetoric overwhelmed Mr. Bush’s reason. Mr. Bush swallowed his pride – and perhaps his good sense – and filled out the bottom of Reagan’s ticket. For the next eight years, the nation bathed in deficit spending.
In 1988, having learned not to let arithmetic stand in ambition’s path, George H. W. barnstormed the country, crowing “Read my lips: No new taxes.” Two years later, finding himself in deep voodoo, Mr. Bush tucked in his lips and raised taxes. Two years after that, George the first was turned out of office by Bill Clinton, who ran on the slogan, “It’s the economy, stupid.”
Say what you will about Mr. Clinton, he recognized good fiscal advice when he heard it. Alan Greenspan urged him to concentrate on paying down the deficit and he did. It may have felt like a spinach-eating contest at first, but the nation lifted out of recession to enjoy one of its longest periods of economic expansion and by the time Mr. Clinton left office, deficits had become surpluses.
In 1999, George W. Bush announced his intention to run for dad’s old job. He promised, if elected, he would cut taxes. Since the government was running a surplus, he said, it was only fair to return the extra money to the American people. There was a question about the continuing solvency of the Social Security system, but Bush partisans countered that by screaming, “Fuzzy math! Fuzzy math!” The only thing Poppy taught W. about economics was name-calling. At the same time, George W. also promised to build a hugely expensive missile defense shield.
Ronald Reagan fooled us in 1980. Shame on him. George W. fooled us with the same stunt in 2000. Shame on us.
In 2001, the economy tanked. Mr. Bush, who preached tax cuts in the face of a booming economy, now called for the same response to a sluggish economy. He even goaded Alan Greenspan into supporting the tax cuts. Opposite symptoms, same cure. What was that about fuzzy math?
That was when we were merely faced with anemia. Then September 11th happened. We’ve since had to spend federal dollars for emergency services, aid to the families of victims and mobilizing National Guard troops to bridges and airports.
Immediately after the attacks, Congress gave the airlines $15 billion and the president pledged $40 billion to rebuild lower Manhattan. This week, Defense Secretary Donald Rumsfeld announced the military will need an extra $20 billion this year. That’s $75 billion and we’re just getting started.
Some Democrats in Congress have suggested, in light of recent events, we might want to postpone some of the more egregious tax cuts for the rich. Caught between emergency spending and tax cuts – with a sickly economy thrown in – deficits are looming again. George W. lashed out, accusing Democrats of wanting to raise taxes and vowing “not over my dead body.”
Do you see a pattern here? There are the outrageous promises, there’s the name-calling and there are the boasts that come back to haunt him. This is not economic policy. These are three cheap political tricks and George Bush bounces among them like a pinball.
Even the greediest Republican must comprehend that he or she is better off paying taxes in a healthy economy than paying none in a moribund economy. So why can’t the White House comprehend it?