Similarly, sometimes it seems as if Republicans' only move on the economy is to cut taxes. With the highest corporate tax rate in the world, there's much to be said for cutting taxes. But, unlike when Reagan ran for president, it's going to take a lot more than tax cuts to rescue this country from its $16 trillion debt.
When Reagan took office, the top marginal tax rate in this country was a staggering 70 percent. Lowering that to 28 percent was an enormous shot in the arm to the economy.
Cutting the top tax rate today from 35 percent to 30 percent -- or even 20 percent -- cannot possibly have the same dramatic effect. Republicans, as the only responsible party, are going to have to do something that's never been tried before in Washington: Cut government spending.
And restoring the economy could be the fastest way to cut government spending.
