Word: lowered
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Dates: during 1980-1989
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...will always be easier to manufacture symbols rather than substance, but to break the power of the image, we have only to break the power imagemakers. We have the authority to say how campaigns are run since the government gives each presidential candidate $40 million each. We should drastically lower the limits in campaign spending, particularly in regard to the use of television. At the very least, money won't be wasted on unproductive, distracting, nonsense...
...President. Read my lips: he ought to raise taxes. But not much! What's called for is not something so dramatic as to throw the economy into recession. That's the last way to lower the deficit. What's called for is a tax hike that would raise some money (I'll get specific in a minute) and that would lower interest rates by showing the financial markets we have the will to attack the deficit (but the wisdom not to shoot ourselves in the head by attacking it too hard). Lower interest rates would cut the deficit still further...
These two bites -- $40 billion or so from a tax hike and perhaps an additional $10 billion or $20 billion from lower interest rates -- would not wipe out the deficit. But we don't need to wipe out the deficit. At least not by raising taxes. And certainly not by legislating a balanced-budget amendment. And especially not by cutting investment in our future...
Here are four. They should be enacted as a package. Together they'd raise $40 billion in taxes, cutting the deficit by nearly a third. The lower interest rates that would probably result would cut the deficit still further -- and keep the economy rolling to take some of the sting out of the tax hikes...
...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...