Bread, butter & infrastructure
Wilber, Charles K.
BREAD, BUTTER & INFRASTRUCTURE ECONOMIC ISSUES IN THE CAMPAIGN CHARLES K. WILBER he 1992 presidential campaign may never provide us with a genuine debate about the state of the American economy....
...Similar transitions in the past were, by default, paid for by the people and communities left behind by the creative-destructive changes brought about by capitalist development...
...Appraisal...
...Market-driven capitalism creates new technologies, new methods of organizing production, new jobs, new consumer goods...
...Summary The economic problems that confront the American people are real and extremely serious...
...there is little hard evidence either way...
...Finally, despite the above policies, there will still be many industries that are hurt by international competition...
...Instead of letting the lowest standards rule, offsetting tariffs are needed...
...Bush not only opposes any tax increases but, as we have seen, strongly urges a reduction of capital-gains taxes...
...9 October 1992 Commonweal care) would reduce the regressivity inherent in any excise tax...
...to insist on fair terms of trade while holding to the ideal of a free trade world regulated by new international agreements...
...It must be emphasized that we cannot achieve any of these goals nor can we contribute to global economic stability as long as we suffer from the fiscal constraints imposed by the trade and federal budget deficits...
...In every domestic economy a central government having sovereign power establishes the framework and rules for carrying on economic exchange...
...Long-range Conditions There are two problems of long-range significance for the U.S...
...But maybe what he says is his reason for doing so really is the reason—neither Bush nor Clinton is directly addressing the issue of the federal deficit...
...The minority who own these assets hire or retain employees only when it appears sufficiently profitable, so that employment is a byproduct of profit-making and therefore subject to the vagaries of the business cycle...
...Commonweal...
...The U.S...
...The key issue here is that worker retraining and relocation, community investment, and other policies are necessary if we want to manage the transition to the new world economic order that is in the making...
...Another danger is that of tit-for-tat responses from other countries that could reduce the welfare of all, a risk that can be lessened through negotiation, since every country has industries it wants to maintain or develop...
...omy, and will then assess the economic policies recommended by President George Bush and Governor Bill Clinton within that framework...
...Benefactors $1,000 Supporters $500 Patrons $250 Charters $ 125 Sustaining $50 •••••••• Commonweal Associates 15 Dutch Street...
...He can only be a spoiler...
...Japan, Germany, and others rebuilt their economies after the war with the latest technologies, giving them a more up-to-date industrial structure than the U.S...
...linton has proposed some modest tax increases on the wealthy, expected to bring in $80 billion in tax receipts over the next four years, and a closing of tax loopholes for corporations for anoth-' er $60 billion...
...On military spending, the Clinton plan for defense funding calls for $38 billion more in cuts over the next four years than the Bush program...
...The causes of the decline in U.S...
...No state can impose import tariffs on goods produced in other states...
...Thus, the excessive burden argument against tax increases is unpersuasive...
...What we have seen so far in the campaign is sometimes a slugging match, sometimes a battle of sound bites...
...For example, he endorses a major increase in public investment in infrastructure and education, favors an industrial strategy, and is opposed to the North American Free Trade Accord...
...The Europeans and especially the Japanese are leading in this area...
...Appraisal...
...in the absence of regulation, capital moves for speculative and financial reasons that often have little to do with productivity, not to speak of equity or equality...
...But there is a chicken-egg problem: economic growth is needed to lower the deficit, but the deficit needs to be reduced to increase economic growth...
...To soften the human suffering in those cases of massive dislocation, trade readjustment aid needs to be increased...
...It may well be that more basic change is needed, but we do not know what type of structural change will help...
...here is no central government in the world economy to set the rules, though for much of the modern era there have been partial substitutes...
...Clinton speaks often of new government investment for improving the infrastructure and related needs, whereas Bush continues to rely for stimulus on reducing capital gains taxes and now speaks of an across-the-board reduction of taxes conditioned on decreases in federal spending...
...Bush has rejected proposals for a strategic trade policy and calls instead for reliance on the workings of the free market, coupled with arm-twisting of our trading partners in specific cases...
...This two-part article is offered as a resource in that effort...
...Other penalties and surcharges should be held in readiness to discourage—preferably through negotiation—cases of subsidies, dumping, discounting, and other flagrant abuses of import and export controls...
...We cannot continue to practice one kind of economics up to our frontiers and another kind beyond them...
...One approach to deficit reduction is to rely on economic growth to increase tax revenues...
...Such investment would also aid productivity growth for the long run...
...increases in income inequality, poverty, and home-lessness...
...The U.S...
...Restoring economic growth in the U.S...
...Cost-cutting...
...The key issue is choosing those projects that have the highest pay-off, rather than those pushed by the strongest lobbies...
...The central government sets minimum wages, environmental regulations, safety requirements, and other economic parameters that are binding on all states, thereby creating what is now a continent-wide market, within which the creative side of capitalism is able to display its powers, and its destructive tendencies can be reined in, given the political will to do so...
...Thus, the belief that expenditure reductions alone can substantially lower the deficit is false...
...Unless there is a triple-dip recession, the normal expectation is that there should be three or four years of better economic growth beginning next year—enough, according to an estimate by the Congressional Budget Office, to reduce the deficit by one-third to $193 billion in 1996...
...Reducing the deficit will increase national savings to finance more private investment...
...First, it's necessary to understand how the world economy differs from that of any individual nation...
...Perot's economic policies are more interventionist than Bush's and maybe even more so than Clinton's...
...And he is willing to tackle our major political taboos—calling for increases in taxes and for controlling Social Security entitlements...
...Many Americans are already convinced, and correctly so, that there are no painless solutions...
...As explained in the first installment of this article, our reliance on foreign savings for domestic investment has served to increase the trade deficit...
...Perot's economic policies have similarities to and differences from both Bush and Clinton's...
...First is the increased competitiveness of other countries in the international economy, which has eroded the dominant position of the United States...
...In the near term, it is proper for the U.S...
...For the most part, I will focus on policies that are necessary for long-run improvement of the econCHARLES K. WILBER is a professor of economics at the University of Notre Dame...
...When we look at the federal budget there are three expenditure items, about $250-300 billion each, that dwarf all the others—Social Security, interest payments on the national debt, and military expenditures...
...comCommonweal 9 October 1992:11 petitiveness are less easily captured...
...we need to know more about what works and what doesn't...
...In contrast, the use of tax cuts as a quick fix for low demand is the opposite of what will be needed over the longer term—and temporary tax cuts have a way of becoming permanent...
...It's hard to believe this is anything more than a political gambit to pacify the supply siders in his party...
...Shortly after the Republican convention, in an interesting departure from avowed policy, the National Institutes of Health issued a draft of a broad strategic plan to set priorities for the government's vast biomedical research support...
...Just as it has been necessary for all countries to exert control over the workings of their domestic economies for the common good, it is time to extend similar measures to the international economy...
...After the Republican convention, in response to Clinton's plan, Bush proposed a $2 billion-a-year retraining program to be financed from unspecified expenditure cuts...
...Among those worth discussing: Imposition of a "VAT-corrective" tariff...
...if other countries refuse to play by our trade rules," he has said, "we'll play by theirs...
...Alternatives...
...At the Republican convention, Bush added an across-the-board tax cut, of unspecified amount, to be paid for by unspecified expenditure reductions...
...and a shift from trade surpluses to trade deficits...
...Next we must attempt to move back to more stable exchange rates by reaching international agreements on ranges of rates and mechanisms to support them...
...will require us to increase national savings by reducing the chronic federal budget deficit, to increase productivity through public investment in human capital and infrastructure, and to pursue a full-employment policy...
...9 October 1992 Commonweal Appraisal...
...Interim Steps The new international agreements discussed above may appear— at least to candidates—too visionary even to be broached in a campaign dominated by catch phrases and personal attacks...
...His program also contains tax reductions: expansion of the earned income tax credit, a choice for the middle class between a children's tax credit and a "significant" reduction in income tax rates, a targeted investment tax credit, and a 50 percent tax exclusion for small businesses making long-term investments in new businesses...
...To an extent the Bush administration has dealt with the problem of third-world debt, through the Brady plan, but much more needs to be done...
...in many areas of Africa and Latin America growth actually became negative during the 1980s...
...The major difference is a clear call for reduction in the federal deficit as his number-one priority...
...So also for (relatively) low tax countries...
...Clinton's economic plan also contains a program for retraining workers that is to be financed by a small increase in payroll taxes...
...When Japan reduced formal trade barriers, largely in response to pressure from abroad, these firms continued to buy from one another even when foreign products were cheaper...
...If it turns out to be basically a free trade agreement, it may bring somewhat lower consumer prices while putting jobs, social benefits, and the environment (ours and the world's) at risk...
...New international agreements are needed if restructuring of the international economy is to be successful and achieved with minimum conflict...
...Some argue instead for more efficient usage...
...It's true that an industrial policy poses a danger of hiding inefficiencies by restricting competition, but that risk should be balanced against the high costs of relying only on free trade (failed businesses, lost jobs, destroyed communities, abandoned schools, neglected infrastructure...
...Why do Americans resist taxes more than others...
...Instability of exchange rates has become endemic in many areas...
...In the United States, the federal government has the power under the Constitution to regulate interstate commerce...
...Our gasoline prices are the lowest among industrial countries and, in real terms, not much higher than they were before the 1973 oil crisis...
...If we want vibrant steel, electronics, or biotechnology industries rather than whatever the marketplace gives us, a strategic trade policy needs to be developed...
...Japan, Korea, and many European countries that do not have our simple faith in free trade follow policies that try to create comparative advantages in key inHave you renewed your Associate membership...
...As will be evident in my comments, the Clinton approach—while still unclear and certainly incomplete—appears both more comprehensive and better adapted to the economic realities than the president's...
...For a final example, a good case can be made for a securities transfer excise tax...
...The stagnation of the past four years has held back growth in income and therefore in tax revenues...
...That is where disagreement enters...
...rarely does it resemble a true argument...
...The very factor that makes governments reluctant to cooperate—significant levels of unemployment at the domestic level—can be confronted only by a coordination of macroeconomic policies...
...He also proposes creating an "Economic Security Council" (paralleling the National Security Council) "with responsibility for coordinating America's international economic policy...
...I Ic cannot hope to win...
...Trade imbalances have become extreme...
...Can governmental policies hold the destructive side of capitalism in check while encouraging its creative side...
...The Commonweal 9 October 1992: 15 reason it exists is that in our economy a majority own no land, production-scale tools, or capital, and have only their labor to sell...
...He is co-author with Kenneth P. Jameson o/Beyond Reaganomics: A Further Inquiry into the Poverty of Economics (University of Notre Dame Press...
...So also with infrastructure: empirical studies disagree over how much such investment will increase productivity...
...President Bush's voucher plan might work, or it might make schools even more unequal...
...The times, in short, demand real political leadership...
...In general, however, Bush relies on the workings of the free market to provide international coordination...
...manufacturing with a consequent loss of many high-wage jobs and the appearance of a two-tiered wage system...
...This is exactly the type of program that would be part of a strategic trade policy...
...Among measures that would move us toward the goal of full employment: • A public employment program, possibly linked to infrastructure repairs and improvements as well as other areas of needed public service...
...A strategic trade policy...
...Thus a minimally regulated market economy will seldom if ever generate full employment...
...Other countries have different policies toward certain issues that affect international price levels: e.g., child labor, a minimum wage, environmental standards, antitrust regulation, social security, and unemployment benefits...
...It is equally clear that capitalist growth has proceeded unevenly between countries and within regions, creating great disparities of wealth and income, and that it has always proceeded cyclically, through euphoric booms and painful busts in every country and region...
...Bush proposed and Clinton has tentatively endorsed the recently negotiated North American Free Trade Accord, but it remains to be seen whether the accord is simply an extension of mostly unregulated free trade throughout the continent or the kind of needed coordination discussed above...
...But much remains unclear...
...Research studies have been unable to find any relationship between resource inputs and indicators of success such as achievement test scores...
...But there are ways in which the U.S...
...These programs aim at reducing unemployment but do not include any central coordinating body to insure that they add up to a full employment guarantee...
...And the foreign debt borne by many countries, now including the United States, can only have a severe constricting effect for years...
...Income taxes could be reduced as an incentive to accept a new VAT...
...the agency would focus on "crucial new industries such as biotechnology, robotics, high-speed computing, and environmental technology...
...Both Bush and Clinton have proposals to control spending on certain government entitlement programs...
...a choice that will take presidential and congressional leadership...
...Today a new situation prevails...
...10038 dustries such as the Airbus in Europe or supercomputers, optical fibers, and biotechnology in Japan...
...More consultation among the main economic actors— industry, agriculture, labor, and all levels of government—to implement the goals of the under-utilized Employment Act of 1946, working through committees with the Council of Economic Advisers...
...The president has also entered into agreements to support the dollar...
...It creates the conditions by investing in education, subsidizing basic research, and helping to finance promising new technologies...
...If improving the quality of the workforce is obviously vital, how to do it is less clear...
...Exchange rates were fixed, resources were made available to countries in need of investment, temporary adjustment loans were made to nations experiencing international payments difficulties...
...Programs offered by Clinton do add up to a strategic trade policy...
...It is undisputed that they have been successful in producing unprecedented amounts of goods and services...
...Moreover, despite lip service paid to the principles of free trade, the economies that rebuilt after World War II did so with substantial protection against foreign competition...
...As Walter Mondale, Paul Tsongas, and Ross Perot learned, a politican running for office who advocates more taxes takes an enormous risk...
...A simple free trade policy places enormous pressure on the United States to undermine these social regulations, as is demonstrated by the efforts of the President's Competitiveness Council to soften environmental regulations...
...For one current example, closing or relocation of plants destroys jobs here and now, hurting specific families and communities...
...they have lowered the total national savings available to finance long-term investment in the economy, the source of productivity gains and economic growth...
...If done well such a policy could keep us from falling hopelessly behind other countries, and it could put pressure on them to open up their economies...
...This is where government helps create the conditions for "winners"—that is, industries of the future that will make us more competitive with other countries—to be born and to thrive...
...The place to begin is to deal with the debts of third-world countries in a way that will allow them to resume growth (which will increase demand for our exports...
...Domestically, we need policies deliberately aimed at overcoming stagnation and promoting equitable and sustainable growth, while protecting the environment...
...Without attempting to do full justice to all viewpoints, I will offer some answers that make sense to me as an economist...
...The same consideration applies to individual national policies regarding exchange rates, trade, and debt issues: all will be more effective if set within supranational programs that encourage and coordinate them...
...dominance of the world economy...
...Appraisal...
...When economic growth over the period 1980-1987 for fourteen industrial countries is compared to tax rates there simply is no relationship...
...The world needs more stability, and it can be achieved only by conscious and coordinated planning and action...
...In particular, his proposals to increase gasoline taxes, cut agricultural subsidies to large farmers, cap home mortgage interest deductions, and reduce cost-of-living adjustments on Social Security benefits and federal pensions deserve serious consideration...
...His administration, he has said, would urge our trading partners to abandon unfair trade practices...
...The Japanese assumption was that increased market share and long-term profits, aided by the survival of the networks, were more important than the supposed benefits of global free trade...
...The recovery of Europe and the acceleration of economic growth in parts of the third world were two outcomes of our leadership...
...community obligations, and so on...
...They all protected their farmers and used various means, tariff and non-tariff, to protect selected industrial products...
...From the perspective of the common good, the point of enabling flows of capital is to make capital available where it can contribute most to production...
...World economic growth has slowed...
...Capitalism, wrote the great twentieth-century economist Joseph Schumpeter, is characterized by "creative destruction...
...In fact, the evidence available supports neither contention...
...For the immediate and near-term future, available measures to overcome the present recession include action by the Federal Reserve to stimulate investment by maintaining low interest rates, and new kinds of government spending—for example, block grants to the states for infrastructure investment—to increase short-run demand...
...These differences, along with serious conflicts of interests, will also hinder efforts to restore and enhance international economic relationships...
...Most industrial and newly industrializing countries derive some of their revenue from VATS in the 12 to 15 percent range, but waive them on exports, in effect subsidizing exports...
...But practically all workable programs will meet opposition from powerful special interests...
...A key structural problem of a free market economy is its inability to cope with unemployment...
...One goal Commonweal 9 October 1992:13 appears to be the encouragement of the biotechnology industry, which had sales of $4 billion in 1991 and projected sales of $50 billion by the turn of the century...
...could impose a VAT-corrective tariff equal to the exporting country' s domestic VAT...
...If one assumes effective action against the deficit, Clinton's proposal to increase public investment in infrastructure and human capital by $200 billion over the next four years is a more direct and equitable way to improve productivity than Bush's emphasis on capital-gains tax cuts, an educational voucher system, and further deregulation of business...
...On form—that is, judging by the record and his public statements—governmental intervention on this scale and for these purposes is anathema to Bush...
...H. Ross Perot irst you say you do and then you don't.You're undecided now...
...The solution will be endlessly complex but a start must be made...
...As a very long-run goal, the U.S...
...At least on paper, the Bush plan would hold down costs much more than Clinton's...
...Economic "summits" have tried to reestablish coordination, but it is difficult to reconcile the differing national economic interests involved...
...One of them is adoption of a VAT system for the U.S...
...Part 1 of this article appeared in the June 19, 1992 issue...
...should lead the other concerned nations in setting up, through the United Nations and regional bodies, an institutional equivalent of a world public sector with authority to bring about international coordination of national economic policies...
...For example, take the issue of improving education...
...For the first time these government research funds are to be evaluated not only by their impact on the nation's health, but also by their "contributions to the enhancement of the nation's economic growth, productivity, and competitiveness...
...From the viewpoint of an economist concerned for the common good, there are other ways to go that ought to be part of the political dialogue...
...He proposes creating a "civilian research and development agency to bring together businesses and universities to develop cutting-edge products and technologies...
...N.Y., N.Y...
...Higher "sin" taxes also make sense...
...The place to begin is with the nature of capitalist economies...
...Whichever side is more responsible for the poor quality of the dialogue, the result is that voters will have to decode the rhetoric of the campaigns for themselves, and decide which, if either, offers hope...
...President Richard Nixon's 1971 decision to let the dollar float reflected both the loss of U.S...
...Both candidates appear to favor low interest rates...
...Efforts to organize the world economy on pure free-market principles—mainly by preachment—have not been successful...
...An added advantage is that the tax would fall on consumption rather than income, thereby providing an incentive for savings...
...What is clear is that neither the Bush nor the Clinton proposals would significantly reduce the deficit...
...economic dominance and the weakening of the Bretton Woods system...
...Clinton's economic plan includes a national apprenticeship program, a youth opportunity corps, worker retraining programs, and a plan to move people from welfare to work through education, training, and child care...
...The first part appeared in Commonweal, June 19, 1992...
...Domestic Policy In a competitive world, international and domestic economic policies are inextricably linked...
...This will work only if we begin to deal with international capital flows, making them less fluid by regulating them and beginning to tax them...
...so what are you going to do...
...a huge rise in the federal deficit...
...How much tax revenue would be lost through these reductions is not clear...
...C.K.W...
...government intervention, individual freedom and responsibility vs...
...Though control of expenditures can make a contribution (of this, more below), neither spending cuts nor "natural" growth nor both together can of themselves reduce the deficit enough to finance the needed investment...
...It follows that tax increases are also needed...
...it could raise some $10 billion a year in revenue and it would discourage dubious short-term, speculative practices while fostering a more stable supply of long-run capital funds...
...With the waning of U.S...
...The major reason for our low tax rates is a matter of our political culture: Americans have always been more suspicious of government than most Europeans...
...Some high tax countries grew rapidly, others slowly...
...so also for Head Start programs and vocational training...
...Still, it is clear that many of our roads, bridges, and inner cities are decaying, and that investment in infrastructure creates jobs and induces technical change...
...For example, through the 1960s Japan imposed formal tariff and non-tariff barriers against foreign competition while building a highly centralized economy based on networks of banks and firms...
...has the lowest rate of taxes (federal, state, and local) out of income among the major industrial countries—30 percent compared to an average of 45 percent for Europe...
...The global economy...
...But we must also invest in human beings and infrastructure, both neglected for twenty years, to make that private investment more productive...
...It has been calculated that such a tax could eliminate the deficit and cover the costs of rebuilding infrastructure, upgrading education, and extending medical coverage to all...
...Real tax rates (adjusted for inflation) have fallen to half the 1950 rates on cigarettes and to 25 percent on alcohol...
...Perot's possible reentry into the presidential race at this late date is perplexing...
...Prior to World War I Great Britain more or less dominated and regulated world trade, but during the interwar years Britain was too weak and the result was chaos in the international economy and depression in the industrial countries...
...Appraisal...
...What about the argument that high taxes have disincentive effects that slow economic growth...
...Retraining programs for displaced workers, relocation allowances, and subsidies to impacted communities to attract new businesses are needed to help reduce human suffering and increase economic efficiency by providing access to new skills and encouraging mobility of resources...
...Protection of our standards...
...Interest payments are legal obligations, Social Security appears politically untouchable at this time, and there are real limits to military reductions...
...Full employment...
...can act more or less unilaterally, without compromising the long-term goal of international economic coordination and without embracing knee-jerk protectionism, by pursuing policies for a world in which most countries utilize a combination of partial openness where it benefits them, and subsidies, export promotion, and import restrictions in other areas...
...The results of our loss of international hegemony combined with the inappropriate policy responses of the 1980s have been a decline in U.S...
...The deficit, growth, taxes...
...In Clinton's projected budget, entitlement reform is relied upon to save $4.4 billion over four years...
...New systems, technologies, products result in the destruction or displacement of existing ones...
...Appraisal...
...If so, how...
...Clinton's economic plan (discussed below under "Interim Steps") shows some recognition of how lack of regulation and coordination in the international economy affects the U.S...
...What is to be done...
...moreover, they must be enacted and carried out in the context of deep philosophic differences among the American people: free markets vs...
...Increased taxation of gasoline could raise additional tax revenues and encourage conservation in its use...
...Tariff reductions, then, have different effects in Japan than in the U.S., and the result has been tremendous Japanese trade surpluses...
...Evidence suggests that money for inner-city schools that lack textbooks and lab facilities is effective...
...power and the decay of the Bretton Woods system, coordination in the international economy has been largely absent...
...Short-term policies...
...If heavy trucks were charged in proportion to the damage they cause highways, for example, more freight would be shifted to railroads, reducing both the irksomeness and the economic costs of traffic congestion...
...Exempting basics (food, housing, medical 14...
...Simply spending more on schooling is not promising...
...Value-Added Taxes (VATS) are excise tolls imposed on the increase in a product's value created at each stage of its production and distribution...
...A country without such policies has lower production costs and can charge lower prices than the United States...
...It would be easy to share the VAT revenues with states and local governments to carry out needed programs...
...In economic terms, the deficits resulting from the ill-advised tax cuts of the early '80s are dis-savings...
...President Ronald Reagan, who had his own visceral-ideological distrust of government, played on that suspicion to convince the public that taxes were too high and government spending wasteful...
...Trade readjustment assistance...
...We must expect and require it of our representatives...
...The system worked, though hardly perfectly, because of U.S...
...A study of the capital-gains tax proposal by the Joint Committee on Taxation concluded that nearly 70 percent of the tax reduction would go to those with incomes over $ 100,000 a year...
...Policies that might emerge from these consultations include targeted job programs, education and training to equip workers with needed skills, day care centers for employed parents, and so on...
...This does not include any savings from an overhaul of the health-care system, which is still in the making...
...Investment for growth...
...Apart from roads and bridges, investment in railroads, information networks, environmental technology, defense conversion, worker retraining, Head Start, apprenticeship training, and a national health-care plan should, despite the problems noted above, enhance the productivity of private capital...
...The Bush claim that these tax reductions would be saved and channeled into investment, leading to more growth and more jobs, and thus to increased tax revenue and a lower deficit, does not square with the experience of the past twelve years under the same policy...
...After World War II, world leaders at the Bretton Woods conference created institutions capable of regulating world trade to some extent...
...To promote further growth, Bush relies on capital-gains tax cuts, Clinton on government investment...
...Few would claim that world trade became equitable, but for almost thirty years the system fostered stability...
...This may require some form of debt forgiveness...
...Second are the government policies pursued during the 1980s in the name of free enterprise—tax cuts, heavy military spending, and lowered public investment...
...The president would set overall ceilings on entitlement expenditures and impose specific reforms such as requiring wealthier recipients to pay higher monthly Medicare premiums, for an overall saving of $68 billion over the next six years...
...But a cost is exacted, imposed unequally on different countries, groups, regions, and families...
...The process was speeded up as countries like South Korea and Taiwan began to industrialize, combining state-of-the-art technology with exceptionally low wage levels, creating ever stronger competition in the world marketplace...
...For one example, the German use of high interest rates to fight inflation has had the effect of reducing imports from the United States and other countries, thereby contributing to their sluggish economic growth...
...The two arguments against raising taxes are that we are already overburdened and that more taxes will reduce incentives to save, invest, and work...
Vol. 119 • October 1992 • No. 17
