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James Walker
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Becker states: "The level of taxation ultimately determines the size of government since no government can continue to spend substantially more than its revenues." This is politically naive. Both the Reagan Administration and the George W Bush administration cut tax rates and increased spending, Reagan through the arms build-up and for Bush, the Iraq war and the unfunded Medicare prescription drug benefit program. Both resulted in massive deficits. But during the Clinton Administration taxes were raised and spending constrained resulting in surpluses by 2000. In the long-run the federal government must have a balance of constrained spending with recognized priorities along with an effective tax policy that funds those government priorities.
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Dec 26, 2012