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I Still Don’t Get It


Earlier this year, Peter Wallison of the American Enterprise Institute wrote a column for NRO arguing that President Bush should follow Reagan’s example. Reagan was under a lot of pressure to back off his tax cut in 1982, but instead he stood on principle and was re-elected in a landslide. Wallison added some details to this argument in the New York Times yesterday. I entirely agree with Wallison’s advice to Bush. But as I wrote when Wallison’s original op-ed appeared, his argument is peculiar. It’s not true that Reagan ignored the pressure to buckle. In 1982, he signed a bill that took back a large proportion–although, not to be sure, most–of his tax cut.


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