In the annual “Economic Report of the President” on January 21, 1963, President John F. Kennedy told Congress:
“It is no contradiction — the most important single thing we can do to stimulate investment in today’s economy is to raise consumption by major reduction of individual income tax rates.”
We’re a far ways down the progressive road from this type of thinking 47 years ago. Coupled with a reduction in spending, JFK’s thinking is exactly what is needed as the Obama administration plots the fiscal year 2011 budget.
See the JFK quote from Jan. 17 here.