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Economy: Twelve years ago today, the first President Bush broke his "no new taxes" pledge. Soon followed a $165 billion tax hike and an enfeebled economy.
We assume George W. Bush doesn't need to be reminded of the gravest error of his father's single term. But in this era of political gridlock, in which accommotions understandably have to be made, it's worth remembering that there are certain areas in which there should be no room for compromise.
George I's surrender came in a brief White House statement issued June 26, 1990, a date which will live in infamy. "Tax revenue increases," he conceded, were necessary if Washington was to tame the deficit and a …