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the first time established the twoparty system,” Sen. McCarthy said.
“I could see it coming, at least the potential for it to happen,” when one party controlled the White House and the other the Congress.
He said the 1970s saw the passage of several other laws that made the present situation inevitable". Social Security payments were indexed to inflation. Other indexing laws made other things happen automatically and led to “irresponsible government,” he said.
Indexing income tax rates in the 1980s was the final piece of legislation that allowed Congress to act as if what happened to the budget was “like a force of nature.” Indexing tax rates “took away almost the only automatic defense against inflation,” he said. When tax rates went up with inflation, there was a motivation to
94.4%