What Washington politicians were singing last week sounded like the chorus of a wistful Beach Boys song. Wouldn't it be nice, they all sang, if we could cut taxes? Wouldn't that make voters happy in 1992 and lift the economy too? Once the song started, almost no one wanted to be caught out of tune. Not since both parties raced to heap tax breaks on their constituents a decade ago had Washington seen such an outbreak of charitable zeal. While economists denounced the latest proposals as too little too late and virtually certain to worsen the federal deficit, their warnings went...
To continue reading:
or
Log-In
