Bush on Tax Cuts and Regulations

From general comments and letters published in The Times, it seems that many people ascribe more power to the Oval Office to change the economy than is warranted. A President can “create jobs” only by spending money and raising taxes to do so. A big source of jobs, and taxes, was the defense industry, which was diminished upon the collapse of communism. That didn’t help our economy although it was a comfort to our peace of mind. People don’t want higher taxes and they don’t want the high national debt to continue. Yet they want our President to “create jobs.” How is that done?

One thing President Bush suggested, and was rejected by Congress, was a favored capital gains tax. Many people viewed that as favoring the rich. They overlook the wide spectrum of “ordinary folk” who now own homes. Many have their homes listed but at prices too high. Now, with the housing industry in the doldrums, a lowered capital gains tax could jump-start home sales. People who resist selling for less money because of the tax bite would be inspired to lower their price under a reduced capital gains tax. That way, those houses would move for less money, benefiting the buyers and would probably still net the seller the same bucks. Some experts believe that a healthy spark in housing sales could be the “pump priming” the economy needs.

President John F. Kennedy said, “Ask not what your country can do for you, ask, what you can do for your country.” That’s not just rhetoric. It’s something we should all live by. It’s too easy to blame the President for things that may fall into our own hands to deal with. Many people are out of work and others on limited budgets, but some are just sitting on savings. A bit more spending by those who are able could help.

During President Franklin Roosevelt’s tenure, many newspapers ran regular classified ads urging, “Back the President, Buy Now!” Maybe that might be something The Times should consider.

GERALD M. SINGER

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