The Deficit Isn't Public Enemy No. 1

The recent report of the bipartisan Strengthening of America Commission, chaired by Senators Pete V. Domenici (R-N.M.) and Sam Nunn (D-Ga.), concludes that only a big dose of supply-side economics can restore the U.S. savings rate. Issued under the auspices of the Center for Strategic & International Studies, a centrist think tank in Washington, the report calls for abolishing the present tax code and replacing it with a consumption-based income tax, which would exempt from taxes any income that is saved or invested.

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