While Republicans have tried to attribute Clinton's success to Reagan-Bush's economic policies, the public just hasn't bought it. Rightly or wrongly, incumbents receive the credit for economic prosperity. Like boxing, it takes a convincing performance to dethrone the titleholder. Complicating the picture are the GOP's positions on key issues, including tax cuts, Medicare, Social Security and education. With most economists viewing tax cuts as inflationary, putting cash in taxpayers' pockets raises the specter of higher interest rates.
Few people are willing to take that risk.
Unlike 1980 or even 1992, today's inflation-prone economy might not survive a sudden infusion of cash without dangerous overheating. While few can deny that tax rates aren't excessive, how the surplus is spent makes a big difference on inflationary pressures. Privatization plans for Social Security and education create way too much anxiety for seniors and working families. Without losing further ground, Bush needs to step up to the plate and accept the bilateral commission's structure for presidential debates. He needs to make a compelling case for how his proposals will benefit working families more than Mr. Gore's.