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Show JBMiBSpOTt by Senator Orrin Hatch Results of Reaganomics On the lists of which phrases are "in" and which are "out" nowadays, Reaganomics has joined the likes of groovy, hip and right-on. You don't hear much about it anymore. Tip O'Neill isn't blasting it on network net-work TV every night. People aren't holding marches to protest it. News editors just aren't seeing it very often. Why not? Maybe because it's working, work-ing, and maybe because more of the news now centers on the results of Reaganomics instead of on Reaganomics itself. And in news items reported in Utah newspapers over the past two weeks, the news is almost totally good. "Boost in personal income has cash registers singing," said one headline. "July 1 tax cut fattens Americans' wallets." The story dealt with the jump in Americans' personal and after-tax income and the resulting increases in-creases in factory, industrial and mining min-ing production. Auto plants are operating at the highest level since July Ju-ly 1979, the story reported. "A key reason for the income gain was the July Ju-ly 1 cut in income taxes," it said. That's Reaganomics at work for you, and evidence of the reliability of its basic premise; that the more money that is left with those who earn it, the more they'll spend and save, and the more they spend and save, the stronger the economy will be. Without the Reagan tax cuts, more money would flow to the government, not to taxpayers who can buy cars and houses and other products. Another newspaper story covered the conclusions of a World Bank study that compared the economies of countries coun-tries with high taxes to other countries with low taxes. "In all cases, the economies of the low-tax countries grew faster than the high-tax ones," the story said. The study found that low-tax countries coun-tries experienced faster growth in farm production, greater increases in non-farm jobs, and increases rather than decreases in worker productivity. productivi-ty. The study also showed that investment invest-ment grew by 8.9 percent a year in low-tax countries, while it declined by .08 percent in high-tax countries. Low taxes, to repeat, are a basic premise of Reaganomics. Other news stories repeated the economic recovery theme. Inflation for the past year was reported to be only on-ly 2.4 percent, the lowest rate in 17 years. A group of business economists, in another story, predicted "no outbreak out-break of inflation, no upsurge in interest in-terest rates and no new recession" in the next 18 months. Of course, Reaganomics has not perfected our economy. Unemployment, Unemploy-ment, although it continues to fall, is still at unacceptable levels; federal deficits threaten long-term economic health. But without the lower taxes and reduced government spending of Iteagawimics, economic headlines surelv wouldn't he reporting so much , in news. |