Letter: Bottom line is Bush’s backing of huge tax cut

Monday, Jan. 31, 2000 | 9:40 a.m.

As a retired corporate financial executive with an advanced degree in economics, I have watched Ronald Reagan's "supply side" policies put this country into deep debt. George Bush had it right when he called it "voodoo" economics back in 1980. Reagan, campaigning against Carter, called Carter's $685 billion national debt "intolerable." From January 1981 until Bush left office in January 1993, that debt had grown 513 percent to $4.2 trillion. The national debt under Clinton has decreased 14.3 percent since he assumed office.

What does all of this have to do with George W. Bush, you might ask. If you listen carefully, George W. Bush is talking a huge tax cut, but is silent on Social Security, Medicare and paying off Reagan's debt. Many people do not understand supply side economics, including some economists. Supply side economics is akin to a businessman loading his warehouse with inventory without and before he gets orders. Supply-siders cut taxes and then borrow to pay for programs. Whither it is "tax and spend" or "borrow and spend" as Reagan did, both are anathema to any economy.

If voters pay more attention to George W. Bush because he is "born again" (whatever that means) or for his "compassionate conservatism" (whatever that means) they might start now looking at their kids and their kids' kids and apologize for passing on the national debt for them to pay off. Tax cuts without paying off the Reagan debt is a formula for the end of the greatest recovery in three decades. Count on it.

Finally, if you think that George W. Bush will end Roe vs. Wade and legal abortions, think again and look at the record of the pro-life movement during the past 27 years. If you vote for Bush because he is "born again" and a "compassionate conservative" who will stop abortion, I suggest you start saving your money now.

JAMES J. POUPARD