Topic: "Friends of Bill" (7)
Frodo is in one of his moods, not surly mind you, but one of those instances where he does a lot of something over an extended period of time. In this case it involves tossing lots of stuff, that which should have been tossed the first dozen or so times it was handled but which was mysteriously saved until the next mood took action. Amid the fervor, he came across the "Nation" section of the ATLANTA JOURNAL-CONSTITUTION dated February 19th, 1993.
He had no idea, to anticipate your query, dear reader, that is until he opened it. Therein he found the Economic Plan put forth by newly-ordained President William Jefferson Clinton, and its "impact" on Middle Earth. What follows is the "reaction" shown by various groups to the new President's plan to grow the economy.
The Poor: Most poor people are relieved that President Clinton is taking steps to protect them from tax increases and to help them with job training and social programs.
The Middle Class: Some in the middle class resent not getting the promised tax break, but many more are glad to see a greater burden falling on the wealthy. They know a healthy economy is in their best interest.
The Rich: They don't seem particularly angry as a class. They realize the deficit has to be brought under control, and they are the ones best able to handle the load. Some even admit that tax cuts that favored the wealthy during the Reagan and Bush administrations may have gone too far.
The Elderly: They criticized President Clinton's proposals to raise Social Security taxes and Medicare premiums.
Small Business: Small business operators like the investment tax credit and capital gains changes but are deeply worried about tax increases, entertainment deduction cutbacks and paperwork. Overall they favor deficit reduction and fear that spending increases will outstrip tax increases.
Large Business: Big companies approve of deficit reduction and a shift in focus from consumption toward investment. But these executives worry that a corporate income tax hike will stifle a nascent economic recovery--especially if the increase isn't mated to specific government spending cuts.
If what stands above surprises you, then listen to the following: "Two Valdosta businessmen faxed a simple message to Democratic Rep. J. Roy Rowland, 'We'll support tax increases only if the spending cuts are two-to-one'."
Two-to-one? In one of the Republican Presidential Election Candidate Debates earlier this year, all nine participants voted "NO" when asked if they would support tax increases with spending cuts of ten-to-one.
Quite obviously, some things have changed, and some have not. Newt Gingrich was House Minority Whip, and Monica Lewinsky was learning, well, how about practicing?
Frodo has much more to say about the Clinton Economic Plan from the documents at his disposal, and he thinks all your "rowdy friends" may find them of interest. Let 'em know. We do have to get Frodo out of his mood, and into something meritorious for a change, don't we?