The behind-the-scenes story of the airplane demonstrates how private enterprise is needed for innovation and economic growth— and that government subsidies usually fail.
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In Search Of History
Thanks to "bracket creep," the inflation of the 1970s pushed millions of taxpayers into higher tax brackets even though their inflation-adjusted incomes were not rising. To help offset this tax increase and also to improve incentives to work, save, and invest, President Reagan proposed sweeping tax rate reductions during the 1980s. What happened? Total tax revenues climbed by 99.4 percent during the 1980s, and the results are even more impressive when looking at what happened to personal income tax revenues. Once the economy received an unambiguous tax cut in January 1983, income tax revenues climbed dramatically, increasing by more than 54 percent by 1989 (28 percent after adjusting for inflation).
Shadow Stats Snapshot
ShadowStats alternate economic indicators are based on the methodology of noted economist John Williams, specialist in government economic reporting.
- Unemployment:
BLS: 3.93%
Shadow Stats: 21.5%
- Inflation:
April Year-to-Year: 2.46% (CPI-U*)
Shadow Stats: 9.9%
*[cpi-u is the Bureau of Labor Statistics inflation rate for all urban consumers]