A year or so from now, anyone looking for a pivotal date for the U. S. economic and market turnaround should remember May 5, 2003, the date of President Bush’s speech in Little Rock, of all places. It was an almost textbook treatment of the economics of small business and the impact of supply side tax policy in laymen’s terms, complete with living examples, and it was followed shortly thereafter by the passage of the tax cut bill. Watershed stuff. And, by the way, we have some catching up to do to in tax reform boldness—Russia’s flat tax is two years old and working wonders, and has now been followed by Ukraine, Slovakia, Estonia, and Latvia. This, at least as much as foreign policy, is what differentiates New Europe from Old Europe, as France and Germany will soon learn.
