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Trump’s Economic Era

declared the law unconstitutional, and Congress passed
a revised version of the bill in 1987. Instead of
implementing needed reform and adhering to the law,
Congress increased borrowing and spending.
President Obama formed the Simpson-Bowles
Commission, co-chaired by Erskine Bowles and Alan
Simpson, to find remedies for the credit crisis in 2010.
The Commission outlined an ambitious package of
spending cuts and tax
increases. The plan
Instead of needed reform called for deep cuts in
and adhering to the law,
Congress increased spending, a gradual rise
borrowing and spending. in the federal gasoline
tax, limiting popular tax
breaks, the child tax
credit, and the earned-income tax credit. It also called
for an increase in the retirement age for Social Security
and gave options for overhauling the tax system. It
called for cutting Pentagon weapons programs and
reducing cost-of-living increases for all federal
programs, including Social Security. Following is an
excerpt from the document’s preamble.

“We cannot play games or put off
hard choices. Without regard to party,
we have a patriotic duty to keep the
promise of America to give our children
and grandchildren a better life.
Our challenge is clear and
inescapable: America cannot be great if
we are broke. Our businesses will not be
able to grow and create jobs, and our
workers will not be able to compete

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