Liberals wrung their hands when President Bush first proposed tax cuts back in 2001. It would ruin the economy and balloon the deficit, they wailed. Now, we are seeing the deficit falling rapidly.
This year's deficit of $296 billion is 30 percent lower than projected just last February. That's a $127 billion decline from that February forecast. Revenues have increased, accounting for 90 percent of the deficit reduction. This is an historic moment and President Bush is right to call attention to the success of his pro-growth economic policies. FRC supported those tax cuts, especially the pro-family portions of the tax package. Now we see that they are working to the benefit of all Americans.
It's not only a victory for President Bush, it's also vindication for Ronald Reagan. When he first proposed massive tax cuts in 1980, Reagan was criticized for "voodoo economics." Later, liberal pundits blamed President Reagan for the deepening recession that began on Carter's watch. But, as Reagan's tax cuts began to work, and America rebounded, he smilingly said: "You'll notice they don't call it Reaganomics any more." Thank you, President Bush, for staying the course.
Tony Perkins, Family Research Council