This year we are faced with a deficit that's about $15 or $20 billion higher than it would have been because we're trying to give a tax break, tax reduction, to the American people. In every instance, you have to make a judgment on that. One of the reasons that we are giving the tax reduction is because the taxes are too high; another one is that it would result in a stimulated economy, a million more people at work and paying taxes rather than on the Federal dole. And so you have to make a judgment. We have expectations, with some fairly accurate projections, that the budget deficit next year, fiscal year 1980, will be considerably below 1979. And if the economy continues to progress, then I have good hopes that in 1981 we will reach my goal. Obviously, I don't have complete control over the economy. But I've not given up in trying to carry out the principles that Adam Smith espoused in your quote.

What It Means

This is a placeholder explanation generated by the low-overhead model. It interprets "This year we are faced with a deficit that's about $15 or $20 billion higher than it would have been because we're trying to give a tax break, tax reduction, to the American people. In every instance, you have to make a judgment on that. One of the reasons that we are giving the tax reduction is because the taxes are too high; another one is that it would result in a stimulated economy, a million more people at work and paying taxes rather than on the Federal dole. And so you have to make a judgment. We have expectations, with some fairly accurate projections, that the budget deficit next year, fiscal year 1980, will be considerably below 1979. And if the economy continues to progress, then I have good hopes that in 1981 we will reach my goal. Obviously, I don't have complete control over the economy. But I've not given up in trying to carry out the principles that Adam Smith espoused in your quote." in the context of "" to mean that wisdom is timeless.