Inflation changes the political rules−and reform seems a lost cause
Who ever heard of voters demanding a smaller tax cut than the President wants to give them? The Congressmen who are now debating Jimmy Carter's tax package, that's who. They are getting a message from the folks back home that defies all conventional political wisdom. Its essence: voters are so frightened by inflation that they are against anything that might make it worse−including cuts in their own taxes that would swell the federal budget deficit. Such feelings can only be deepened by last week's news that consumer prices in March...
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