Word: reductionism
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Dates: during 1990-1999
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Responsibility is what the President asks us to embrace. And in recent polls, most Americans (about 60 percent) are willing to contribute higher taxes as long as tax revenue goes toward deficit reduction. As citizens (and taxpayers) we must demand similar responsibility from Congress, the institution that controls the national...
There is no denying that President Clinton speaks out of both sides of his mouth. Even a fellow Democrat, Senator Daniel Patrick Moynihan, lamented that Clinton's transition period rang with "the clatter of campaign promises being tossed out the window." Deficit reduction, a middle class tax cut, easier asylum...
Assistant Professor of Economics Douglas W. Elmendorf agreed Clinton's tax increases will bring a "significant reduction" in the deficit, but said "the deficit is big, so significant is not enough."
President Clinton has begun his attempt at deficit reduction by preparing the nation for increased taxes, a decent starting point. But only a starting point. Tonight's speech to Congress must outline sharp overall spending cuts in order for his plan to become a serious one.
This looks like Clinton's No. 2 choice. A 5% sales tax on energy would raise $18 billion a year and cost the average family about $100 a year in higher gasoline and electric bills. But oil and gas producers object that the levy would favor coal companies because their...