Cutting Taxes, Increasing Debt
How long will the American people believe that the Reagan Administration can decrease taxes and increase spending without creating ruinous burden of debt?
How long will the American people believe the “economic projections” coming from the White House? When the Reagan Administration argues for more billions for new weapons systems and military support for the contras , we hear that we can do so without raising taxes because the improved economy will generate more income for the government.
But three months later we are told we hare heading for a $220-billion deficit in 1986!
Nevertheless we are told that President Reagan still will not consider increasing taxes or cut spending for “Star Wars.” He wants to decrease taxes and cut domestic spending.
According to David Stockman, the former budget director, the only domestic programs in the budget large enough to make a difference are Medicare and Social Security. Do we want major cuts in these programs?
The total U.S. debt is now more than 2 trillion dollars. With the government’s credit all but gone, the Reagan Administration has asked for authority to borrow $244 billion, pushing the debt limit to $2.32 trillion.
Long ago Abraham Lincoln said, “You can fool some of the people all of the time, and all of the people some of the time, but you can’t fool all of the people all of the time.”
How long will President Reagan be able to fool the American people with his Free Lunch Fiscal Theory?
DORIS ISOLINI NELSON
Los Angeles
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