Bush 41 called cutting corporate taxes as a means of generating more revenue voodoo economics and he was right. From WW2 until the 1980s it was generally accepted that federal taxes as a % of GDP needed to be at 18.5% in order to pay our bills. Raygun cut it to 17.9% and gave us our first deficits. The Bush tax cuts further cut it to 14.5% and deficits skyrocketed. Kansas adopted its own version of voodoo economics and are headed for bankruptcy. It shouldnt take a genius to see that the 18.5% approach and spending money on roads and bridges has a strong record of quantifiable success, and that 30 years (since raygun) of trickle down voodoo economics has failed. It seems that Kansas is learning this lesson the hard way..
Posted on: Mon, 15 Sep 2014 11:45:38 +0000
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