Word: shapiros
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...Shapiro would devote a quarter of the savings to deficit reduction and another quarter to middle-class tax relief in the form of a $710-a-year family tax credit per child. The remainder would be for programs to increase productivity and spark a rise in stagnating personal incomes. "We'd get enough to quadruple funding for infrastructure, basic research, and education and training programs," he says. "We could also expand the Administration's welfare-reform plan...
...doubt the President would like Shapiro's ideas, says a Clinton aide, "but he's still suffering a political identity crisis. He chooses, Chinese menu-like, from different, often antithetical plans so he doesn't offend anyone. Doing that with Shapiro's proposals would rob them of their punch...
...Shapiro's plan, says Rivlin, "would make life better for the average citizen by taking on the special interests and eliminating tax loopholes and spending giveaways that favor the few while hurting growth." Shapiro has identified 65 such preferences. "Wipe them out entirely," he says, "and you save $225 billion over five years." Among the programs Shapiro would gut are those that defray airlines' costs to expand terminals and payments to farmers whose commodities sell below set prices. To ensure that Congress doesn't pick and choose -- a process in which the strongest special interests would see their favored scams...
...Clinton adopts the tack Rivlin and Shapiro favor, a stance that seeks to get ahead of the coming congressional rush to cut spending in ways he will probably abhor, the President can define the agenda and demonstrate leadership. If instead he merely follows Congress's lead -- or vetoes his way through the next two years -- he could find himself back in Little Rock...
CONTRIBUTORS: Bonnie Angelo, Laurence I. Barrett, Jesse Birnbaum, Nina Burleigh, Stanley W. Cloud, Jay Cocks, Barbara Ehrenreich, John Elson, Pico Iyer, Edward L. Jamieson (Consulting Editor), Leon Jaroff, Gregory Jaynes, Michael Kinsley, Charles Krauthammer, John Rothchild, Richard Schickel, Walter Shapiro, R.Z. Sheppard, John Skow, Martha Smilgis, Mark Alan Stamaty, Richard Stengel, Andrew Tobias, Claudia Wallis, Michael Walsh...