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« Biting the hand that rescued them | Main | Brutally Honest break »

Thursday, March 23, 2006

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Well, the fool you quoted, cited the "Laffer theory", so right there he is utterly discredited. I have a masters in economics. It is not a credible theory. It is stupidity. It has been empirically shown to be a false notion. (I'm not denying that tax cuts can be a good thing, mind you.)

The Laffer theory predicts that tax cuts will stimulate the economy *so much* that lost tax revenue is made up through economic growth. If taxes are "too high", that might happen. But it didn't happen for Reagan, and it hasn't happened for Bush. And the projected deficits should scare everyone. We are now above 5% of GDP, which is a level that has historically proven dangerous.

BTW, Krugman didn't prophesy a depression anytime soon. He, like the saner among us, is looking down the road to the accumulation of debt. We all know that the lenders will keep giving us the rope to hang ourselves with.

Face it, Republicans, other than Eisenhower, since WWII have been very fiscally irresponsible. Plenty of blame for the tax-and-spend liberals of the 1960s, too. But the Republicans have been very complicit. We need to call leaders of all parties to fiscal responsibility. The escalation in the debt is factually a very dangerous thing. We have both historical and mathematical proof.

I could take plenty of other issues with the post, but what's the point? You've sold your soul so much that you now even seem to deny the dangers of Bush's fiscal recklessness, where once you didn't.

BTW, when your kid and mine are either working for the Chinese or forced to fight them because we can't pay, you can apologize to all of us for garbage like this.

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