The State of Your Wallet
The president spoke about the economy and taxes last night, too, and it was all good. Three things stand out.

First, his call to accelerate and make permanent the tax cuts Congress has already passed: "You, the Congress, have already passed all these reductions, and promised them for future years. If this tax relief is good for Americans three or five or seven years from now, it is even better for Americans today."

Hard to argue with that. If the medicine is good medicine - and it is - better to take it now than later.

Second, Bush confronted the specious class-warfare arguments the Democrats will try to make: "This tax relief is for everyone who pays income taxes, and it will help our economy immediately. Ninety-two million Americans will keep this year an average of almost $1,100 more of their own money. A family of four with an income of $40,000 would see their federal income taxes fall from $1,178 to $45 per year."

Sounds very good to me.

Third: the president suggested goverment spending not grow faster than per capita income. "I will send you a budget that increases discretionary spending by 4 percent next year, about as much as the average family's income is expected to grow. And that is a good benchmark for us: Federal spending should not rise any faster than the paychecks of American families."

He's right. That's the philosophy behind the Taxpayers Bill of Rights concept: government spending shouldn't grow faster than the economy, whether you measure it by per capita income, or population plus inflation growth, or some other sensible measure.

Glad to hear the president believes that.

Club for Growth leader Stephen Moore says Bush is Ronald Reagan's third term. I'm hoping for a fourth.