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Tom Firey: How the GOP won the tax battle ... but lost the war on big government
In his acceptance speech for the 1984 Democratic presidential nomination, Walter Mondale made a bold promise: He would raise Americans’ taxes and cut the federal deficit. His justification: “These deficits hike interest rates, clobber exports, stunt investment, kill jobs, undermine growth, cheat our kids and shrink our future.” That year, the deficit was $185.4 billion and the national debt was $1.57 trillion — quaint numbers compared to today’s $1.1 trillion and $16.2 trillion.
By TOM FIREY
November 21, 2012