‘Economic Witchcraft’
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Whatever happened to “pay as you go”? Remember that slogan? As economist Lester Thurow has pointed out, we are headed for a “black hole” unless the deficit is brought under control soon.
And isn’t it ironic that a conservative President (who promised a balanced budget by 1984) has led us to this dilemma?
President Reagan should have asked the country in the name of patriotism to accept a temporary tax increase to build our defense. Instead, like Lyndon Johnson, he is financing a huge arms buildup through borrowing, and you know what happened.
It is not too late if we take action now. Perhaps a tax on imported oil. We should close tax loopholes, and if necessary, a temporary supplement to our federal income tax. One way or another, we must raise revenues and cut expenses. Will our leaders face the facts?
LEN ZIRALDO
Canoga Park
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