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Sunday 19 August 2012

…Ryan happily tells us that his tax cuts will stimulate so much economic growth so rapidly that fresh revenues will fill the gaps. Yes! Cutting taxes will actually increase tax revenues. Everyone in Washington certainly knows where we heard that before. That argument first appeared when Ronald Reagan was president, then disappeared when he was forced to raise taxes in a vain attempt to cover the vast deficits his policies spawned. The same argument reappeared in the guise of “dynamic scoring” to justify the Bush tax cuts, with consequences that continue to cripple the nation. Voodoo economics, as the senior (and smarter) Bush so memorably termed this belief system, does not work. But Ryan evidently believes in it, because his budget depends heavily on that old voodoo to achieve balance. He claims that closing loopholes and reducing tax expenditures will cover the revenue losses. Joe Conason

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