Word: deficits
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Dates: during 1980-1989
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...never let the top tax bracket creep back up past 33% (it was 70% as recently as 1981). But you do tax the things you'd like to discourage, like inefficient energy consumption (and its attendant pollution), reliance on imported oil (which threatens national security and worsens the trade deficit) and tobacco (widely recognized as the nation's leading cause of preventable death...
...billion a year we'd raise from these four tax hikes would not be so large as to stifle economic growth, but it might encourage the world financial markets to lower our interest rates. Between the added tax revenue and lower interest on the national debt, the deficit would be cut more than a third. More to the point, there would be the reasonable prospect that the national debt would grow only about half as fast as GNP. So, gradually, over the next decade we'd find ourselves on ever firmer ground...
...Election Day drew near, currency traders grew bearish on the dollar, sending it to the 125-yen range. They blamed a slowdown in the U.S. economy, the surge last month in the trade-deficit figures and a concern that the next U.S. President will be unable to tackle the budget deficit...
...anniversary of the election of George Washington, there was a palpable hesitancy as America cast its votes. Rather than ratifying the Reagan realignment, a nation of ticket splitters strengthened Democratic control of Congress. The result, whether conscious or not, is certain to exacerbate the deadlock of democracy over the deficit. By producing a Republican President pledged to resisting new taxes and a Democratic Congress adamant about safeguarding Social Security and Medicare, the sad legacy of Campaign '88 appears to be another endorsement of short-term selfishness...
Still, the noise generated by these contentious nonissues may have kept voters from focusing on Michael Dukakis' talking points. Of the 40% who told NBC/Wall Street Journal pollsters the deficit should be the top priority of the next President, 57% went for Bush, even though he virtually ignored the deficit in his campaign and promised not to raise taxes. Of the 39% of voters who think a tax increase will be necessary to reduce the budget deficit, 42% voted for Bush anyway...