The bitter truth was that Ronald Reagan faced an excruciating test
of presidential decision-making. After an exhausting and prolonged
political struggle, he had emerged in July triumphant, having enacted
a generous tax cut for all Americans. Only three months later, he had
to admit that the triumph had been an illusion, when we couldn t win
support for the spending cuts needed to balance the equation.
Even worse, it had not been his fault. He had been misled by a crew
of overzealous-and ultimately incompetent-advisers. The original
budget plan I had devised for him had been fatally flawed. It is even
harder to eat crow when you haven t cooked it yourself.
The President could run, but he couldn t hide. ~nclo would help
him? Not the Democrats, who were sullen and revengeful; not the
Republicans, who were hunkered down in their separate camps,
frantic and confused. Reagan had one real option: to retreat and give
back part of the huge tax cut we couldn t afford.
But he wouldn t. Ronald Reagan chose not to be a leader but a
politician, and in so doing showed why passion and imperfection,
not reason and doctrine, rule the world. His obstinacy was destined
to keep America s economy hostage to the errors of his advisers for
a long, long time.
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