Whose Taxes, Whose Economy?

Make no mistake about it—the great American economy is stumbling over its feet. Between 1958 and 1962, according to the Council of Economic Advisers, the gap between what we produced and what we could have produced amounted to almost $1000 per person, a total of $170 billion. Had the economy been operating at full blast, each family in the United States could have enjoyed at least another $4000 in goods and services.

Virtually all the indices now suggest sluggishness: the ratio of co...