VOODOO II! MORE DISCREDITED supply-side numerical magic! “Loony . . . irresponsible . . . incredible!” So says the team of Panetta and Tyson — that’s Laura D’Andrea, not Iron Mike. The Clintonites consider Bob Dole’s long-awaited economic plan, of which a $ 548 billion tax cut over six years is only a part, even less realistic than Ronald Reagan’s. (Forget for a moment that Reagan produced the largest peace-time boom in America’s history, with economic growth averaging about 4 percent annually and almost 20 million new jobs created.) Why even less realistic? Well, the Reaganites predicted that 20 percent of the lost government revenue caused by tax cuts would be made up as economic growth increased the flow of tax dollars into the treasury. Dole expects 27 percent back (his people having opted against more optimistic estimates). The Clintonites dismiss this estimate as wishful thinking on the part of a flip-flopping one-time budget balancer.
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