“One More Time with Gusto: Tax Cuts Do Not Pay for Themselves”
(from the Economist’s View)
Some Republican Senate candidates have suggested that extending the Bush tax cuts … will actually be good for the country’s bottom line, as the economic growth that results will more than offset the trillions of dollars in lost revenue. “By extending tax cuts you pay down the deficit, you grow the economy by giving people more money,†said Colorado Republican Ken Buck.
But, of course, the Bush tax cuts did not even come close to paying for themselves. The Bush tax cuts cost us around $1.7 trillion in revenue from 2001 through 2008, in part because of weak output and job growth following the cuts …
The disappointing part is that the press still lets them get away with this…
If the press won’t call them on this obvious falsehood, how can we trust them on anything? …