The “reality” Ryan describes here is a central tenet of supply-side economics: tax cuts will spur sufficient economic growth to ultimately pay for themselves. The actual reality is very different – tax cuts almost always result in lower revenues. The Reagan tax cuts ballooned the deficit to such an extent that he actually had to bump up taxes several times to help keep it manageable. The Bush tax cuts of 2001 and 2003 are largely to thank for the deficits we have right now. Conversely, the tax increases of the Clinton years (derided at the time by Republicans and conservatives as economic suicide) coincided with vigorous economic growth and deficit reduction. - from below article
Posted on: Wed, 03 Dec 2014 06:09:44 +0000
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