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Letter: Better hang on to tax refund

Friday, Aug. 10, 2001 | 10:06 a.m.

Does anyone remember Al Gore, during the campaign, stating that George Bush's tax plan would result in the return to deficit spending? Bush, on the other hand, said he could cut taxes and pay down the national debt. Recall?

Guess what? Treasury had to borrow $52 billion to help pay for the tax rebate already. The surplus is already declining under Bush or he would not have had to borrow the money.

During my extensive training and education, supply-side economics was only one small paragraph in my textbooks. Make no mistake, supply-side economics is back with a vengeance under G.W., and deficit spending has started with the $52 billion loan just executed.

Americans should not ever forget the Reagan-Bush years. When Carter left office in 1981, the national debt was $685 billion. Under Reagan-Bush (senior) the national debt rose to $4.2 trillion by Jan. 20, 1993, when Bill Clinton took office. That increase was a whopping 513 percent if you do the math.

My advice: Save your little tax refund.

JAMES J. POUPARD

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