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THE 1980S RETURN.(Brief Article)
Looks like we're in an instant replay of the early 1980s: a slowing economy, a new Republican President, proposed tax cuts to re-fuel the economy, and an explosion of divisive rhetoric from the professional class warriors on Capitol Hill.
This time around it's Senate Minority Leader Tom Daschle, worrying that "the rich" could buy a new Lexus under the proposed tax cut. In 1984 it was Walter Mondale, the Democratic presidential candidate, crying that tax cuts would benefit "only Reagan's rich friends."
Mondale went on to lose in a 49-state landslide, and it wasn't only fat cats who ended up with more money in their wallets after Reagan cut taxes. The jobless rate--9.7 percent in 1982--was cut to 5.3 percent by 1989. That was 4.2 million fewer people in the unemployment lines. Interest rates and inflation likewise declined.
Reagan's experience in Hollywood taught him the folly of high taxes. "He was especially appalled that actors who made several films a year found themselves paying marginal tax rates that consumed the bulk of their extra income," writes biographer Dinesh D'Souza. Quitting in March, a top actor could remain comfortably rich, only a little less so, and spend more time golfing. Who paid the price of soak-the-rich taxation? All those tossed out of work when another movie wasn't made--writers, janitors, secretaries, stagehands, etc.
It's not much different when "the rich" buy a $50,000 car today. That money turns into $50,000 in new income for everyone from steel and rubber workers to stockholders and car salesmen, with about three-quarters of it, on average, going directly to labor.
Daschle is right that under Bush's plan, folks at the top of the income pile, ...
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