“Wait a Minute—That's Not What I Had in Mind”
Herblock used a precarious canoe ride to convey the difficulties of balancing the federal budget without tax reform. President Kennedy presented a narrowly balanced budget to Congress in January 1962, but it was at risk from those who demanded a balanced budget without forfeiting special tax privileges. Influenced by British economist John Maynard Keynes, Kennedy argued that tax reform was essential to move the economy out of stagnation. Kennedy’s “tax reform” oar offered the incentive of tax cuts to balance modification of privileges.
Herblock used a precarious canoe ride to convey the difficulties of balancing the federal budget without tax reform. President Kennedy presented a narrowly balanced budget to Congress in January 1962, but it was at risk from those who demanded a balanced budget without forfeiting special tax privileges. Influenced by British economist John Maynard Keynes, Kennedy argued that tax reform was essential to move the economy out of stagnation. Kennedy’s “tax reform” oar offered the incentive of tax cuts to balance modification of privileges.