■ The war, we are told, will require cold-bloodedness, decep- tion, and the black arts. Fear not: Rep. Gary Condit (D., Calif.) has been appointed to the newly formed Subcom- mittee on Terrorism and Homeland Security.
■ When they reopened, the markets proceeded to fall by a larger percentage than in any other week since 1933. More than a trillion dollars of wealth was wiped out. Un- employment is rising. The war is scrambling business plans; it will probably cause large investments, and purchases, to be deferred. Now would be a good time for an economic-growth package. Yet Republicans are dithering. They should keep in mind the alternative. Now that the Social Security “lockbox” has been picked, the extra billions will be used. If Republicans do not use them to finance pro-growth tax cuts, Democrats will push for their own wish list: An expansion of Medicaid. Larger, and longer-lasting, unemployment bene- fits. A minimum-wage boost. Republicans should take these government’expanding, economically harmful ideas off the table with an agenda of their own. The capital-gains tax should be cut, permanently. Pending reductions in income- tax rates should be sped up. Business should get tax cuts, too. And Congress should make it easier for President Bush to negotiate free-trade deals. If Democrats demand tax rebates for low-income workers as the price for speedy passage of growth legislation, Republicans should make a deal. The most important thing the government can do to help the economy is to start winning the war. But economic policy can do its part, too.
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