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Stock Market, Deficit and a Tax Hike

October 31, 1987

Under the Reagan Administration Americans have enjoyed:

1. A profoundly low rate of inflation, averaging about 4%.

2. A 10-year low in unemployment, currently 6.2%.

3. A very low prime, presently 9%, up from 7.5% (remember the 21% prime under President Carter?).

4. A five-year bull market on Wall Street, with the Dow reaching over 2700.

As I pointed out these indisputable facts to Democrats during the past year, their response was always the same. "Reagan had nothing to do with it."

Now that the market has crashed, due in no small measure to the dance of the lemmings and their mindless, perfectly analytical, computerized trading programs, the Democrats will blame Reagan for "deficit spending." The Constitution, however gives spending authority to Congress, which grossly abuses that authority.

All those wishing to increase taxes are free to make voluntary donations to the IRS or the taxing body of their choice. I pass.

JOHN JAEGER

Irvine

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