Stock market, deficit and a tax hike
- Select a language for the TTS:
- UK English Female
- UK English Male
- US English Female
- US English Male
- Australian Female
- Australian Male
- Language selected: (auto detect) - EN
Play all audios:
President Reagan claims that high taxes were responsible for the condition of the country when he took office. It is certainly true that there was and is waste in most government spending
programs, including the military. We should curtail spending on some programs and eliminate a few entirely. It is undeniably true, however, that the single largest contributing factor to the
colossal deficit created during the past seven years was the lop-sided tax cut engineered by Reagan at the beginning of his first term. One might ask if it is sensible to begin a claimed
debt-reduction program by cutting revenues that would make the debt reduction possible. The sad fact about this entire matter is that the President of the world’s leading nation fails to
understand this. It is lamentable that the President’s thinking is still irrevocably tied to his disproven supply-side economic theories. JOHN C. DAVIS Irvine MORE TO READ