Posted 3/7/01 Rep. Oberstar calls Bushís tax proposal ëriskyí In a statement following President George W. Bushís address to the joint session of Congress last week, Dist. 8 Congressman Jim Oberstar had this to say: ìIf you think President Bushís agenda sounds like it is too good to be true - you are right. The Presidentís tax cut is far more expensive that the $1.6 trillion he claims - with the true costs of the tax cut well exceeding $2 trillion. ìThis plan is based on projections of budget surpluses that may, or may not, come to fruition. ìIt is risky business to give across-the-board tax cuts of that magnitude over 10 years when we do not have any idea how the economy will perform during that period. ìIf the budget surpluses do not materialize, the Bush plan will result in large budget deficits.î ìToday, the country is confronted with a fundamental choice - remain on the course of fiscal discipline that has brought us eight years of remarkable economic prosperity, or return to the failed ëtrickle-downí economic experiment of 1981. ìIn 1981, President Reagan promised America that huge tax cuts for the wealthiest Americans would produce prosperity for all, deficits would disappear and the economy would flourish. ìIt was a terrible mistake: budget deficits skyrocketed; the national debt quadrupled; high interest rates choked American industries; unemployment jumped; and working families struggled to meet their mortgages, pay for health care and save for college. ìThe country must not repeat the mistakes of 1981 - mistakes that have taken us 18 years to correct. ìAdditionally, the Presidentís tax cut proposal short-changes middle-income Americans. The wealthiest one percent - people who make an average of over $900,000 a year - would get 43 percent of the Presidentís tax cut. Meanwhile, most middle-income households will not receive the type of tax cuts that President Bush has been advertising. ìBy contrast, I support a plan to put the interests of working families first by calling for a tax cut that is part of a responsible, honest budget that balances all of the priorities important to Americaís families. ìOur plan provides $900 billion in tax cuts for all Americans, strengthens Medicare and extends the life of Social Security. ìOur plan enables us to keep paying down the national debt so we can keep interest rates low and keep our economy growing. By investing in such critical priorities as improving education, our plan invests in the future of our country.î ©Post Review