Newspapers / St. Andrews University Student … / Nov. 1, 1992, edition 1 / Page 3
Part of St. Andrews University Student Newspaper / About this page
This page has errors
The date, title, or page description is wrong
This page has harmful content
This page contains sensitive or offensive material
The Lance Next Economic Agenda Page 3 continued from page 1 mortgage deductions, eliminate the afore mentioned tax loophole for foreign corpo rations and raise the tax on social security benefits for single earners with incomes above $25,000 a year from 50-85%. All together, this will bring an estimated $277 billion in additional revenue. For health care. Medicare premiums would be raised and some employer-paid health insurance would be taxed, bringing in an additional $95 billion over five years. Spending would be cut in several ways, primarily by severing farm price supports and curbing Medicare and Medicaid costs saving an extra $158 billion. Mr. Perot would also provide $61 billion in tax breaks for in vestment, research and worker training and would obtain another $140 billion through more minor tax hikes and spend ing cuts. Mr. Bush’s economic program can be mainly criticized for its lack of attention given to structural problems in the economy, such as the federal debt or the lack of U.S. competitiveness with other > nations. Nobel Prize-winning economist Robert Solow railed at the income tax cuts , saying “the only word for it is stupid” because it would increase consumption rather than investment. But by far, the ; major problem with the plan is the huge shortfall in revenue that would be needed to pay for it. Mr. Bush claims he would I pay for it with spending cuts as well as j devoting a further $300 billion to deficit I reduction over the next five years. To do I this would require $570 billion in cuts, and I Mr. Bush has only specified $130 billion. ! To pay for the $440 billion shortfall, the I government may have to reduce Medi- I care, veterans’ benefits and other pro- - grams by as much as 30%. Mr. Clinton’s program suffers from '■ the view that public investment will be ineffectiveand will largely consist of pork- barrel projects. Economist Pete Marwick states “Bullet trains, smart highways, op- tical-fiber networks-it looks like the pur est of pork to me.” The plan does happen to be endorsed by 556 economists; three Nobclists among them stricUy oppose it. As with Mr. Bush’s program, Mr. Clinton’s plan is plagued with the problem of a huge budget shortfall. The claim is that the budget deficit would be reduced by $142 billion over the next four years. In fact, the Clinton shortfall amounts to a staggering $359 billion and there somes to be no specific plans in dealing with it. Mr. Perot’s budget is the only one that offers a balanced budget in five years and whose numbers do not flunk arithmetic, but the plan is so stringent in its cutting of cost that its greatest asset may also be its greatest liability. In a recession, budget deficits can be used to stimulate the economy, increasing economic growth, and reducing unemployment. Many economists, such as Nobel Prize-winner Paul Samuelson, believe that to cut the deficit so much and so quickly would lead to an economic meltdown. As Samuelson puts it: “ To wait until you are in a recession...for dras' „ and quick action I don’t think is good apriori policy.” In addition, even if Mr. Perot was elected, it is doubtful that than a handful of them could pass Congress given their political volatility. Of course, none of us will ever know for certain which plan is better simply because only one person can be elected. We are destined to follow a path either to prosperity or decline, and no one can say for sure which it will be. as for myself, I will not say who I am voting for until after the election. Hopefully, fate will be kind and the best man will win. Sources: The Wall Street Journal. Business Week, Time, and Newsweek. *1 I 2 Merit Scholars among new students By Laurie Warbrick St. Andrews is proud that two Na tional Merit Scholars, Jeremy Calbreath and Steven Grimsley, are among new stu dents at the college this fall. How does one become a National Merit Scholar? The criteria is basic. The search begins with the PSAT. Students with extraordinary scores are singled out, then their grades and extracurricular ac tivities are assessed. Finally, nominees are asked to write an essay. Both students were visible in their I'omecommunities. Grimsley gave swim- ttting lessons and volunteered at Discov- 6ty Place, a science museum in Charlotte. Calbreath was a lifeguard at the YMCA, worked at an ice cream shop and spent t^any hours water-skiing. Grimsley and Calbreath participated in several on-campus activities as well. Grimsley was an active member of the Latin Club and elected as an officer twice. He was also a member of the West Char lotte High School swim team. Calbreath was in the Philosophy Club and on the Geometry team at Jordan High School. Both Calbreath and Grimsley were attracted to St. Andrews’ science pro gram. Calbreath dreams of becoming a pediauician or a small-town M.D. while Grimsley hopes to become a botanist. Calbreath is pleased with St.Andrews’ medical acceptance rate and “the awe some science facilities.” Grimsley en joyed his visit with St. Andrews’ staff botanists because of the personal attention he received. He was further convinced St. Andrews was the place for him because it hosts his favorite tree, the Hawthorne. Even though our National Merit Scholars found varying qualities appeal ing about St. Andrews, they agree com pletely on one thing: It is the friendliness and helpfulness of the entire St Andrews community that brought them here. ALUMS: Libby Flowerree 17 (above) and Karen Stone Gulledge '63 (left) shared their St. Andrews' experiences and secrets for success with students. More opportunities to hear from successful alumni will be offered later this year. Success series continued from page 1 agenda, Karen encouraged. And she concluded with a spontaneous question and answer period whereby her success with teaching advice was quite impres sive, as well as words like, if you’re play ing, give that 100%; if you’re working, give that 100%. Be enthusiastic and bring it out! Our second guest was Elizabeth (Libby) Flowerree. She received her bachelor’s degree from St. Andrews in 1977 and received her teaching certificate in 1978. She taught for three years and went on to. work as a detail person for Bristol Meyers. In 1983, she started her own business, Howerree Restorations, remodeling and restoring homes. Libby is now a task leader for Habitat for Human ity, and she works on the hotline for the Metrolina Aids Project. Libby recognizes that she learned how to learn at St. Andrews; she learned that basically, all you need to be assured of is that you can always ask questions. This assurance, which was granted in no small, way by St. Andrews, is the hope that inspired her to start her own business. Her closing words centered on the idea that there are still days when she can barely get food on the table, “but St. Andrews has taught me how to get through rough times,” she said. WANTED! GOOD WRITERS, PHOTOGRAPHERS & COPY EDITORS! ESPECIALLY PEOPLE WITH MACINTOSH SKILLS. THE LANCE IS YOUR NEWSPAPER. HELP US MAKE IT THE BEST POSSIBLE. DROP BY THE LANCE OFFICE AT 176 LIBERAL ARTS OR CALL EXTENSION 5672.
St. Andrews University Student Newspaper
Standardized title groups preceding, succeeding, and alternate titles together.
Nov. 1, 1992, edition 1
3
Click "Submit" to request a review of this page. NCDHC staff will check .
0 / 75