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To: kendall harmon who wrote (40376)	5/17/1999 1:28:00 AM
From: Susan G	Respond to of 120523

Last Update: 6:08 PM ET May 16, 1999 Econ Preview WASHINGTON (AP) -- Departing Treasury Secretary Robert Rubin on Sunday said a Republican push for a major tax cut could sidetrack the nation from what he predicted would be sustained economic growth and low inflation. Rubin, who will step down in July, said the budget surplus gives the nation a "historic opportunity" to ensure the long-term U.S. economic health. "If instead we have a broad-based tax cut, we can consume that surplus ... (and) throw away an enormous opportunity to promote our economic well-being for a long time to come," he said. With budget surpluses expected to continue into the foreseeable future, Republicans want to set aside $1.8 trillion in Social Security surpluses over the next decade to save the retirement system and use the rest, some $778 billion, for tax cuts. The administration has proposed much smaller and targeted tax cuts. Does the country, Rubin asked on ABC's "This Week," "in effect institutionalize fiscal discipline by paying down public debt, or do we in effect dissipate those surpluses on broad-based tax cuts?" Rubin praised President Clinton for sticking to a strong fiscal policy "from the day he walked into the Oval office." CPI blip Rubin said he was unfazed by a jump in the consumer price index that caused a dip in the stock market Friday. The most likely scenario for the future, he said, remains one of solid growth and low inflation. Still, the world economy remains in a "very unhealthy situation" with the United States the only major economy with robust growth, Rubin said. "Most particularly it is critically important that Japan get back on track." Rubin, who oversaw one of the longest periods of sustained economic growth in the nation's history, is returning to New York, where he was chairman of Goldman Sachs & Co. (GS: news, msgs), before he succeeded Lloyd Bentsen as Treasury secretary. Clinton has nominated Deputy Treasury Secretary Lawrence Summers to take over the post. Rubin said he thought about resigning last year, "but we had an awful lot going on," including a world financial crisis sparked by turmoil in Asia, and the Monica Lewinsky affair.

To: kendall harmon who wrote (40376)	5/17/1999 9:15:00 AM
From: Tunica Albuginea	Respond to of 120523

(redited)kendall harmon, Re: Rubin's speech: Let us understand here e x a c t l y what Rubin and this Redistributionist Administration are saying: " Do Republicans want to set aside $1.8 trillion in Social Security surpluses over the next decade to save the retirement systems the country, and " Does the country" Rubin asked on ABC's "This Week," "in effect institutionalize fiscal discipline by paying down public debt, In effect BOTH houses will do none of that.Soc Secur/Medicare is one giant credit card debt. It is GROWING every year.NO plan in Washington aims at reducing the growth.So growth of debt will continue. "Paying down the debt " simply means to them, " we will pay down a MINUSCLE part of this debt and CONTINUE to rack up giant deficits for the next 20 years as we have in the last 30 years. The bonds, with the help of oil are seeing the scam and rising to bring fiscal sanity back. Finally, in Rubin's remark, you can see the signature of a dyed-in- the -wool redistributionist: " or do we in effect dissipate those surpluses on broad-based tax cuts?" . ie what he is really saying is -"we, the Guv, are better than you in spending your hard earned money in social engineering schemes, such as keeping every terminal 85 year old patient alive on the ventilator/IntCare Unit for a month at a cost of $70,000+ ( a very expensive funeral with public money ) ". -"we, the Guv, have no clue how to enlarge the economic opportunity pie like you do, but we are arrogant enough to presume that we know better, so there, hand over your cash ", TA " Last Update: 6:08 PM ET May 16, 1999 Econ Preview WASHINGTON (AP) -- Departing Treasury Secretary Robert Rubin on Sunday said a Republican push for a major tax cut could sidetrack the nation from what he predicted would be sustained economic growth and low inflation. Rubin, who will step down in July, said the budget surplus gives the nation a "historic opportunity" to ensure the long-term U.S. economic health. "If instead we have a broad-based tax cut, we can consume that surplus ... (and) throw away an enormous opportunity to promote our economic well-being for a long time to come," he said. With budget surpluses expected to continue into the foreseeable future, Republicans want to set aside $1.8 trillion in Social Security surpluses over the next decade to save the retirement system and use the rest, some $778 billion, for tax cuts. The administration has proposed much smaller and targeted tax cuts. Does the country, Rubin asked on ABC's "This Week," "in effect institutionalize fiscal discipline by paying down public debt, or do we in effect dissipate those surpluses on broad-based tax cuts?" Rubin praised President Clinton for sticking to a strong fiscal policy "from the day he walked into the Oval office." CPI blip Rubin said he was unfazed by a jump in the consumer price index that caused a dip in the stock market Friday. The most likely scenario for the future, he said, remains one of solid growth and low inflation. Still, the world economy remains in a "very unhealthy situation" with the United States the only major economy with robust growth, Rubin said. "Most particularly it is critically important that Japan get back on track." Rubin, who oversaw one of the longest periods of sustained economic growth in the nation's history, is returning to New York, where he was chairman of Goldman Sachs & Co. (GS: news, msgs), before he succeeded Lloyd Bentsen as Treasury secretary. Clinton has nominated Deputy Treasury Secretary Lawrence Summers to take over the post. Rubin said he thought about resigning last year, "but we had an awful lot going on," including a world financial crisis sparked by turmoil in Asia, and the Monica Lewinsky affair. Next Previous