A little history: Despite the urban legend of a booming 1950s, there were three recessions under Ike and an average growth rate of only 2.5%. Then, in the spring of 1960, Nelson Rockefeller sat down with presidential hopeful Richard Nixon and hammered out the so-called "Fifth Avenue Compact," headlined by a 5% growth target.
And almost at the same time, Sen. John F. Kennedy entered a 5% growth target into his campaign. By the way, with JFK's supply-side tax cut, the 1960s registered nearly 5% growth.
And here's a point for those who worry about federal debt and deficits. According to the CBO, a 1% increase in real economic growth would lower the deficit by about $3 trillion over 10 years. In other words, growth solves a lot of problems. And it's high time for growth.
So how about some Republican leadership today, with all the candidates pushing for a 5% economic-growth target? It's exactly what we need to get back to America's long-term prosperity trend, which had long ensured our world leadership. We don't have that today. Unfortunately, it's just as Ronald Reagan warned: Weakness at home creates weakness abroad.
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