Financial Times - October 18, 2000
Gore 'to cut government more than Bush' By Peronet Despeignes in Washington
A top economic adviser to Al Gore's presidential campaign claimed on Tuesday that the vice-president would reduce the size of government by more than his rival, George W. Bush.
Laura D'Andrea Tyson, who previously served as chief economic adviser to the Clinton administration and is now dean of the business school at the University of California at Berkeley, said on Tuesday that a good measure of government's size and economic influence was its debt.
Under this measure, "the reduction of the size of government will be much more significant under Gore than under Bush", she said. She was taking part in a conference call sponsored by the New York-based International Strategy and Investment group.
Mr Gore has promised to devote more than $3,000bn of the projected $4,400bn in federal budget surpluses over the next 10 years toward elimination of the $5,700bn national debt. Mr Bush, the Republican Texas governor, has promised at least $2,200bn in debt reduction, mostly to shore up Social Security. Each campaign's budget assumptions are disputed by the other side and by independent budget experts.
Ms Tyson said she was "absolutely certain" Mr Gore would scale back his spending and tax-cut plans if surpluses came in below expectations.
Bush supporters argue that the more than $1,300bn in tax cuts favoured by Mr Bush would enhance economic incentives and bolster growth. Ms Tyson and other Gore supporters say their plans for debt reduction will lower interest rates, boost investment and generate greater returns to the economy.
The Gore campaign describes Mr Bush's tax cut plan as an irresponsible and potentially inflationary sop to the rich. The Bush campaign argues Mr Gore's spending proposals for education, health care and other items would divert more resources from the private sector and stunt economic growth.