-Caveat Lector-
>From www.polyconomics.com
> June 18, 1999
>
> Compassionate Conservatives
>
> Memo To: Dan Quayle
> From: Jude Wanniski
> Re: Good For You
>
> Now that Texas Governor George W. Bush has decided officially to
> proclaim himself a "compassionate conservative," I�m finding myself
> somewhat surprised that the idea is spreading. Other Republicans want
> to be compassionate too. As far as I can tell, you are the only
> candidate for the GOP presidential nomination in 2000 who has barred
> the use of the term "compassionate conservative" in association with
> your campaign. Good for you. This kind of mush is exactly what one
> expects from the third and fourth generation of Old Money, noblesse
> oblige. W�s dad, the former President, may have some vague memory of
> what it was like for his grandfather to be near the bottom looking up.
> Steve Forbes of course was born with a silver spoon in his mouth, but
> is still within shouting distance of a grandfather who started from
> scratch. W never is going to make it if he persists in pushing
> conservative compassion toward the Oval Office. Really rich Old Money
> can get there in the Democratic Party, which is the bona fide
> Compassion Party. I�ve been calling it the "Mommy Party since 1995.
> Franklin Roosevelt was Old Money and had plenty of compassion for the
> poor folks, but he was a Democrat and there was a Depression. Who
> started the Depression? President Herbert Hoover, a really rich
> Republican who got to be President by promising to follow in the
> footsteps of Calvin Coolidge (who had zero compassion, but cut taxes
> to the bone and produced the Roaring Twenties).
>
> Sadly, Hoover got to feeling sorry for all the vested interests that
> began showing up at the White House, weeping and wailing that they
> were not getting rich as fast as their neighbors, but could do so if
> only he signed the Smoot-Hawley Tariff Act. That would shut off
> foreign competition and the good times really would roll. Hoover never
> had run for public office, but became known for his generosity with
> the taxpayer�s money when he was Commerce Secretary, providing relief
> to victims of one natural disaster or another. He could not bear to
> see grown industrialists cry, so he signed the tariff act, which
> almost immediately brought on the Great Depression, here and around
> the world. People became unemployed and Hoover started the first Great
> Society programs. When Democrats complained that the poor were
> suffering more than those who were still rich, Hoover wept and signed
> a tax bill that raised the income tax rate to 46% from 24%. His
> compassion knew no bounds.
>
> There have been other compassionate Republicans, some in my own day.
> There of course was Nelson Rockefeller, governor of New York for four
> terms, a fellow who raised taxes as high as he could to finance one
> grandiose program after another, then borrowed to the state�s limits
> to finance more, then borrowed beyond legal limits, by bending the
> law. What compassion! He got to be Vice President of the United
> States, by appointment, when President Nixon resigned and Gerald R.
> Ford became President. Ford was always a weepy kind of guy, and still
> is, and so he asked Rocky to be his Veep. Rocky�s chief contribution
> to the nation in his few years as Vice President was to preside over
> the "energy crisis" at the White House. It was Rocky�s idea to solve
> the energy problem by turning coal into petroleum. Inasmuch as his
> brother David Rockefeller, who ran Chase Manhattan Bank, had invested
> in lots of coal fields when he became persuaded the world was running
> out of the stuff on which his grandfather, John D. Rockefeller, had
> built the family fortune, he was happy to sell that coal to the
> federal government at reasonable prices. Rocky had corporate
> compassion.
>
> You know, Dan, the road to hell is paved with good intentions. You
> also might say the road to hell is paved with political compassion.
> Whenever I get near a compassionate politician, I reach for my wallet,
> knowing he or she is looking for a way to buy some votes at my
> expense. There are always plenty of people who have more wealth than
> they can ever spend, who are willing to tax the incomes of people who
> have no wealth in order to finance programs for the poor and
> downtrodden. They hated Ronald Reagan because he got elected twice
> without shedding a single tear for the needy, instead concentrating on
> making it possible for people to do business with each other again
> without having their incomes confiscated by government taxation. If
> the road to hell is paved with compassion, the road to heaven is a
> ladder of hope, growth and opportunity. Yes, the phrase was coined by
> Steve Forbes, but it is available to all Republicans -- the "Daddy
> Party."
>
> In the June 14 issue of the Weekly Standard there is an arcticle about
> the man who will "define" compassionate conservatism for George W. It
> is the man W has chosen to be his chief economic advisor, former Fed
> Governor Larry Lindsey. Lindsey is a Harvard Ph.D. economist who was
> appointed to the Fed by Ronald Reagan in the mistaken belief that
> Lindsey was a "supply sider" because he wrote a book arguing against a
> marginal income-tax rate higher than 50%. The Standard article notes
> that Lindsey is not actually a "hard-core supply-sider," but now makes
> his economic arguments in a Keynesian framework. He is saying there
> should be no tax cuts now, because the stock market is a bubble that
> will soon burst, and when it does there will be a recession which
> could be corrected by temporary cuts in marginal income-tax rates in
> order to put money into people�s pockets as fast as possible. At the
> Fed, Lindsey was known for his compassion toward minorities, doing
> everything he could to order banks to lend money to black folks and
> Hispanics whether or not they had collateral. No kidding. We�ve been
> doing this to developing countries for decades through the
> International Monetary Fund and World Bank and the countries get
> poorer and poorer as they devote themselves to paying back the loans
> instead of concentrating on growth. Today�s lead editorial in the
> WSJournal tells all about it, Dan. You should read how the IMF/World
> Bank is now talking about forgiving the $79 billion in debts of the
> African countries. This is so the IMF/World Bank can write off the
> loans and come back to the taxpayers for more capital.
>
> Let the other GOP candidates engage in a compassion contest with W.
> Stick to the supply-side. Build that ladder of hope, growth and
> opportunity with low tax rates and a currency as good as gold. Good
> intentions are not good enough.
A<>E<>R
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