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...know, Paul, Reagan proved deficits don't matter," Vice President Dick Cheney famously told George W. Bush's first Treasury Secretary, Paul O'Neill. Cheney, who rarely allows facts to get in the way of a good ideology, was retailing a myth. Ronald Reagan is remembered for the massive tax cuts passed during his first year in office. But since deficits do matter - and since Reagan's so-called supply-side cuts blasted an enormous hole in the budget - the President had to come back in 1982 with the largest peacetime tax increase in American history: the Tax Equity...

Author: /time Magazine | Title: Health Care: Do the Right Thing on Taxes | 10/29/2009 | See Source »

...last year or so," says John Feehery, a GOP strategist and former adviser to House Speaker Dennis Hastert. "He's obviously geared toward the small-business sector. The big guys can handle a high unemployment rate, but the small guys get killed by it, so that's a good thing - getting back to Republican roots." Still, fixing these holes is going to require money that will have to be drawn from somewhere else. When asked about how he will pay for any initiatives, Cantor is quick to point out that the group is in a nascent stage: "We've identified...

Author: /time Magazine | Title: How the GOP Hopes to Overcome 'Party of No' | 10/29/2009 | See Source »

...Helping the security effort in Dera Ismail Khan are some of its most unusual residents: the so-called good Taliban. In a small, nondescript house deep inside the town live the successors of the late militant leader, Abdullah Mehsud. Once the object of the army's fury, the group has since rediscovered favor as the enemy's enemy. Baitullah Mehsud, the Pakistani Taliban leader who was killed in a CIA-operated drone strike in August, had murdered two of their leaders, and they want revenge against his successors. (Read "Are the Taliban Leaders Fighting Among Themselves...

Author: /time Magazine | Title: Fear and Uncertainty for New Wave of Pakistan Refugees | 10/29/2009 | See Source »

...hasn't been an easy year. The government executed his uncle last year for subversion against the state, the former police commander says, and his constant worry for his family still living in the North sends his gaze to the floor of his office in Seoul. But there were good times in Pyongyang too: evenings with friends when they watched smuggled South Korean soap operas and American films like Superman Returns and Titanic. "North Koreans love foreign dramas," says Myung, using an alias to protect his family living in the North. "Many people watch them in secret, even when...

Author: /time Magazine | Title: Soap-Opera Diplomacy: North Koreans Crave Banned Videos | 10/29/2009 | See Source »

When making the perfect gelato, much depends on the size of the ice crystals. Most amateur chefs do not have the machinery to churn out - literally - the creamy consistency that is the hallmark of a great gelateria. But with an old-fashioned ice-cream maker, a good recipe, and a good understanding of the basic gelato rules (sugar is an anti-freeze, fats act as the opposite), the home chef can make gelato at home...

Author: /time Magazine | Title: Gelato Recipes: Favorites from a Maestro at Gelato U. | 10/29/2009 | See Source »

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