To the editor: May 16th, 2005
Do deficits matter? I’m no economist, but Reaganomics (i.e. cutting taxes for the rich as
a means to grow the economy) has always been a mystery to me. On April 10th CBS
News reported that we are currently $7.7 trillion dollars in debt and it is growing at a rate
of $335 billion dollars per year.
Before we allow Republicans and the Bush Administration to pat themselves on the back
too much for pushing through the tax cuts and this so-called robust economy that we’re
experiencing, let’s be reminded of what former Treasury Secretary and VP Candidate
Lloyd Bentsen quipped during his 1988 VP debate with Dan Quayle: “You know, if you
let me write $200 billion worth of hot checks every year, I could give you the illusion of
prosperity too."
Bill Toner