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Massachusetts Liberal

Observations on politics, the media and life in Massachusetts and beyond from the left side of the road.

Wednesday, June 08, 2011

Reading history

Republican presidential candidates seem to have a problem absorbing history -- and I'm not talking about Sarah Palin and Michele Bachmann.

Tim Pawlenty -- the other half of the Minnesota Twins --is calling for steep tax cuts to "turbocharge" the economy. Problem is a reading of history for the past 30 years tells a completely different tale.

Since the dawn of Reaganomics (or voodoo economics as George H.W. Bush would say) in 1980, the US economy has gone through massive deficit creation twice -- starting with Ronald Reagan and resuming with a vengeance with George W. Bush. Those presidencies were marked by massive tax cuts.

The interim period -- the Clinton years -- saw the reduction and eventual elimination of the deficit. How did that happen? A targeted tax increase played a key role.

Bush the Elder was spot on in labeling the concept of supply side economics -- cutting taxes to raise revenue -- as voodoo. And the GOP has been fully under the spell, helping to bring us where we are today.

Here's a suggestion to Washington political reporters: stop following Anthony's wiener woes and start debunking outright fallacies. It's not that hard. It's called reporting.

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4 Comments:

Anonymous Anonymous said...

But, but but, you're wrong. Jeff Jacoby says so in this morning's Globe.

June 08, 2011 9:25 AM  
Anonymous Anonymous said...

Total rehab of the tax code. 10% income tax on everyone. National sales tax to make up the difference.

June 08, 2011 9:33 AM  
Anonymous Anonymous said...

"Lower rates of taxation will stimulate economic activity and so raise the the levels of personal and corporate income as to yield within a few years an increased - not a reduced- flow of revenues to the federal government" John F Kennedy Jan 17 1963. Annual budget message to Congress.

June 08, 2011 1:54 PM  
Anonymous Anonymous said...

As you said "truth matters less than what people believe".

June 09, 2011 4:38 AM  

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