Word: shrink
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...need to push up the debt ceiling raises once again some perplexing questions that still bedevil economists and have even split members of the Reagan Administration: Will the deficit shrink or rise even further out of sight? How should it be attacked? What impact does the burgeoning national debt have on the economy? Do deficits, in fact, really matter...
...past few weeks', Walter Mondale has tried to make the deficit question a central issue in the presidential election. In campaign speeches, he says that Government red ink threatens to "hike interest rates, choke off investment, clobber trade, destroy rural America, kill jobs and shrink our future." He proposes reducing the deficit by two-thirds over the next five years, mostly by curbing the growth of defense spending and raising taxes for families with annual incomes of more than $25,000. Reagan remains adamant against tax hikes, arguing that spending reductions and strong economic growth will trim the deficit...
...that sounds corny, but somehow Olden makes Piper genuine and likeable. Even pulling is knife or punching out his shrink, Olden looks more troubled and pensive than simply angry and resentful. Too young and too untouched by the Francis Ford Coppola idol maker crowd to play the latest Matt Dillon or Poster of the Week, Olden acts and acts well...
...Reagan tax cuts took effect. Adjusted gross essentially is salary, interest and dividend income plus some additions-a portion of capital gains, for example-and minus such things as alimony paid and contributions to an IRA. For a couple with two children, personal exemptions and average itemized deductions would shrink an adjusted gross of $60,000 to a taxable income of around $42,200. Tax rates on the top slices of taxable incomes higher than $42,200 now range from 33% to 50%; under Mondale's plan most of these rates would go up two or three points...
...secondary issues. Those qualities of the spirit that Reagan so relentlessly thunders from the White House are what free and self-governing societies run on. It may yet be written in the history books that the genius of the Reagan years was to slow up the Federal Government, shrink the missionary ardor of the presidency and pep-talk America into doing a lot more for itself...