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Sagging Economy Calls for Spending Cuts, Not Tax Hike

Cal Thomas | Syndicated columnist | Monday, September 3, 2001

Sagging Economy Calls for Spending Cuts, Not Tax Hike

The stock market has declined several hundred points in the last few months. It is now lower than it's been in four months. Shall we panic? Absolutely not.

Anyone who knows anything about capitalism (which isn't many people) knows that our system goes in cycles. Mostly it grows, but sometimes it cuts back on the growth. Remember, I said cutback on the growth, not shrink. We are still way ahead of where we were five years ago. And the market will come back. It always does because people are interested in making money.

The tax cut is too small. It should be increased and accelerated so that its full effect might take place sooner. President Bush should challenge Democrats not to raise taxes, but to cut spending. More money in the people's pockets, not government's, is the way to stimulate the economy. If you think so, too, you might want to express yourself to your elected representative, especially if he, or she, is a big-spending liberal.