By Larry Elder
MSNBC’s Chris Matthews quoted part of a 1987 Reagan address: “Congress consistently brings the government to the edge of default. … This brinkmanship threatens the holders of government bonds and those who rely on Social Security and veterans benefits. Interest rates would skyrocket, instability would occur in financial markets, and the federal deficit would soar. The United States has a special responsibility to itself and the world to meet its obligations.”
Nice try.
Reagan’s address did not end there. Here’s the part the Matthews skipped over: “For those who say more taxes will solve our deficit problem, they are wrong. Every time Congress increases taxes, the deficit does not decrease, spending increases. It’s time for a clear and consistent policy to reduce the federal budget deficit. … You don’t need more taxes to balance the budget. Congress needs the discipline to stop spending more, and that can be done with the passage of a constitutional amendment to balance the budget. … But I … will not permit Congress to dismantle our national defense, to jeopardize arms reduction or to increase your taxes. I am determined that will not happen.”
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