What President Obama could learn from JFK
John F. Kennedy on tax cuts in his 1963 State of the Union address.
Excerpt:
If we are to prevail in the long run, we must expand the long-run strength of our economy. We must move along the path to a higher rate of growth and full employment.
...
To achieve these greater gains, one step, above all, is essential—the enactment this year of a substantial reduction and revision in Federal income taxes. . . . [A] net reduction in tax liabilities . . . will increase the purchasing power of American families and business enterprises in every tax bracket, with greatest increase going to our low-income consumers. It will, in addition, encourage the initiative and risk-taking on which our free system depends—induce more investment, production, and capacity use—help provide the two million new jobs we need every year—and reinforce the American principle of additional reward for additional effort.
Comment: Instead we have a party hostile to business!
It is really interesting that in the administration just prior to the one that birthed the Great Society's War on the Poor, the President does not use the standard Keynesian explanation.
ReplyDeleteQuite frankly, it makes me wonder whether the left ever tests its pet theories with data like that from the Kennedy and Johnson administrations.....