Yesterday, Robert Novak marked fifty years
since the Associated Press transferred him to the Washington DC beat, and recalls some of the main issues of that day.
This memory shoudl give us pause:
While the government outlays were limited, the top marginal income tax rate in 1957 remained at the Korean War level of 91 percent (compared with today's 35 percent). That helped produce a 1957 budget surplus, one of three yearly surpluses in the Eisenhower years. They were matched by three Eisenhower recessions. Nobody talked then about needed tax rate reduction until John F. Kennedy became president in 1961, and nobody in 1957 anticipated the massive 1958 recession that produced big Democratic congressional majorities for a generation.
Seems like 2006, except that it was liberal spending policy, rather than liberal tax policy, that put fiscally liberal Democrats in charge of today's Congress.
Labels: Media, Politics