Collapse Of The G-7

New York Sun

That photo of President Trump being glared at by the leaders of the big democracies has certainly gone viral. The picture from Quebec was met by the Times’ David Leonhardt with a column headlined “Trump Tries To Destroy the West.” The picture shows the President seated with his arms crossed and chin out, as he’s being frowned upon by Chancellor Merkel, President Macron, and Prime Ministers Abe and May, among others.

Say, does that remind of anything? Like, oh, possibly, one of those debates in the 2016 Republican primary? Remember that situation? There were 17 candidates at the start. It made for a veritable free for all. Only one of them, though, refused to promise to endorse the winner handed up by the GOP nominating process. Only one of them broke with Republican orthodoxy. And only one of them ended up in the White House.

Mr. Trump had the whole gang against him — including the Sun, on trade and immigration — but he stuck to his principles, if that’s what they were, and routed all 16 variations on GOP orthodoxy, from neoconservatives to paleo-conservatives to libertarians to the Bush dynasty. The party handed up a president like no other, to borrow the phrase that our columnist Conrad Black uses as the title of his new biography of Mr. Trump.

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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).


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