Two years ago, politicians and bureaucrats at the European Commission announced their intention to turn the 15 nations of the European Union into "the most competitive knowledge-based economy in the world by 2010." This is a tall order. Smothered by oppressive tax rates and burdensome regulations, Europe trails the United States by a wide margin.Thanks in large part to the Reagan tax cuts and other free-market policies, per-capita national income in America is now 50 percent higher than it is in Europe. Our growth rate over the last decade has been about 60 percent higher, and our unemployment rate...