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To the editor
Do you suppose a contribution might be made to the presidential race by drawing your readers into a serious discussion of the issues? For a try, consider this proposition from a D. A. (Devil’s Advocate): That all of President Reagan’s domestic policies have worked directly against achievement of his economic goals — that, in other words, any economic improvement in the past three years has come about in spite of Reaganomics.
Reagan’s stated domestic goals: mayor cuts in inflation and unemployment and a massive build-up in military spending.
Reagan policies: A 30 percent cut in personal income taxes — plus reductions for corporations and liberalised depreciation.
Tax relief concentrated in the upper- and upper-middle levels of income was supposed to galvanize investment in machinery and equipment. The spurt in saving and investment would generate a sharp rise in productivity, which, in tarn, would exert downward prosaurs on prices. The jump in capital outlays — akug with a huge riss in military ponding — also was
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