In an annual budget meeting on January 17, 1963, President John F. Kennedy told Congress:
“Lower rates of taxation will stimulate economic activity and so raise the levels of personal and corporate income as to yield within a few years an increased — not a reduced — flow of revenues to the federal government.”
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.