Dr. William Gale, a senior fellow at the Brookings Institution. The Committee is holding this hearing today to assess how tax relief fits into our fiscal policy going forward. We ve enjoyed surpluses for the past three years, and we have big surpluses projected going forward because of extremely strong tax collections. These surpluses exist because of the hard working American people and the productivity of American business. I agree with Federal Reserve Board Chairman Greenspan.
Strong productivity is necessary for continued strong growth.
Future productivity could be jeopardized if we continue to overtax by such large amounts. We heard from Wayne Angell last week who stated it very simply. He said it is misleading to view a fiscal surplus as a measure of the resources that are available to the government. He s right. The surplus belongs to the people who sent it here.