Word: kempe
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Dates: during 1990-1999
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Enter eight reindeer, to the sound of sleigh bells. Supply-side theory, developed by Jude Wanniski and Arthur Laffer and passionately advanced by New York Representative Jack Kemp, held that sharp cuts in income taxes would actually increase government revenues by unleashing the pent-up power of the economy. Jobs and higher wages would explode like popcorn, from which higher tax revenues would follow, despite the lower rates. In no time, the supply-side theory went from being a disputed intellectual curiosity to being the unofficial doctrine of the party. It made possible a new, infinitely optimistic Republicanism, one that...
...class began focusing on what government took from them, a chunk of their paychecks, instead of the things it gave them, like student loans and government-backed mortgages. In 1978 California produced the tax revolt that culminated in Proposition 13, a 57% cut in property taxes. That same year Kemp and Delaware Senator William Roth Jr. proposed a 30% across-the-board federal...
...Kemp-Roth cut approved in the first year of Reagan's presidency failed to produce revenue in anything like the amounts the theorists had projected. Meanwhile, throughout the Reagan years, though discretionary spending dropped by more than a third, not a single major federal spending program was eliminated. Republicans were still unwilling to embrace Goldwater's frank and fatally unpopular rejection of the big-budget entitlements like Social Security and Medicare. (When the G.O.P. Congress made a feint at Medicare last year, its approval rating plummeted.) The predictable result was a massive increase in the federal deficit, $1.5 trillion over...
...great mentioner included this former Cincinnati mayor on the second tier of rumored Veep picks. The first African American to hold statewide executive office in Ohio, Blackwell has a resume that includes stints as city councilman, an ambassador to the U.N., and Deputy Housing Secretary under Jack Kemp. The son of a meat packer and a practical nurse, Blackwell was a Democrat growing up but switched parties in the 1980s. His conversion was driven in part by what he said is a "basic Jeffersonian" distrust of bureaucracies. "Doomsday," he said, "is the day we get all the government...
...when national political correspondent Michael Duffy called Wednesday morning to say that Bob Dole seemed set to surprise folks by picking his longtime antagonist Jack Kemp as a running mate, we realized that the convention package being prepared by Stephen Koepp, Priscilla Painton and their Nation team was becoming the most fascinating political story of the year. It embodied all the marvelous interplay between politics and personality that has been TIME's franchise for 73 years. If the presidential race is destined to tighten (and I suspect it is), this could do it, and it will help clarify the very...