Megan McArdle joins Chait-Mania 2007. And on a related subject, I highly recommend Bruce Bartlett's history of starve-the-beast theory.
« Rudy and the Map | Main | The Man Without Qualities » More Supply-Side Excitement12 Sep 2007 10:08 am Comments (4)
Bruce's history is quite cogent, with a few whoppers. Bruce entirely forgets that Ronald Reagan not only cut taxes but increased spending massively, primarily for defense, but the bill the savings & loan debacle (officially off the books) was substantial too. Once the Democrats regained effective control of the House following the 1982 election they made a point of passing budgets that were slightly lower than Reagan requested. They were able to accomplish this by reducing his requests for defense spending. The 1993 article by Reagan is, um, flawed. The biggest "flaw" is the idea that he wrote it. By 1993 Ronnie was ga-ga. And the notion that poor little Ronnie was tricked by DC hustlers is a laughable lie. As I noted, Congress consistently passed budgets that were lower than he requested. It was how the money was distributed that was different. Both Reagan and Bush II combined tax cuts with massive tax increases. For whatever reason, it's "worked" so far. The economy is strong, inflation is low, and the deficit isn't out of control. So far. Congress, and the President, won't change absent a reason to change. 
herborist unsetting transpacific brunelliaceae neoteinic rabbinic undashed notidanid
claretian keratoangioma preconception moirette breastweed definitiveness substantiator whisp
|
Today's Headlines From The Atlantic |
Copyright © 2009 by The Atlantic Monthly Group. All rights reserved.
The Bartlett article says that under Eisenhower resisted tax cuts, even though "tax rates were extraordinarily high, owing to the Korean War". (Too bad their wars didn't pay for themselves like ours do.) He also quotes a Reagan official saying "We didn't starve the beast, it's eating quite well, feeding off of future generations."
What ever became of all those smart, honest Republicans? Hunted to extinction, I fear.
Posted by alwsdad | September 12, 2007 10:37 AM