If, like the George W. Bush administration, you believe that tax cuts are the way to solve all problems, you should read this article by Economist Bruce Bartlett, one of the original "Supply Side" economists. You might also read it if you don't believe that. He helped shape the tax cuts during the Reagan administration. While he doesn't say those cuts are wrong, he does make some interesting points about conservatives adopted the ideas that tax cuts would solve any problem, and that the idea of "starve the beast" was nonsense. ("starve the beast" suggested that if you kept cutting taxes, government would have to shrink. It has instead helped cause our huge deficits). He also had some positive things to say about Keynes....very surprising for a guy with his background...and the idea of TARP.
It's a bit long, but very interesting reading...at least to me.
1 comment:
If you listen to some politicians, taxes should be cut in good times because it will spur the economy to even greater heights. And taxes should be cut in bad times because we need the economic stimulus.
I just wonder who is going to pay for the damages when our bridges collapse?
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