Mostly rational politics, with occasional rants about how a few crazy Republicans are ruining the country.
Support The Jaker
Wednesday, November 16, 2005
Calling Bullshit on Supply-Side Economics
I think it's time for reasonable Republicans to admit that George W. Bush is the worst president in history when it comes to dealing with economic matters.
He has lowered taxes to the lowest level as a share of national income since 1959 - 16.3% - predominantly by enabling billionaires to invest a few hundred million more hedge funds (wow, some economic stimulus). Meanwhile, he has presided over 2 expensive wars (while asking no financial sacrifice for the nation because he knows he can't make a compelling case), and enormous (yet horribly misguided) increases in discretionary spending.
He's taken a $236 billion surplus, which probably would have merely flatlined around 2001 because of the normal economic cycle and the terrorist attacks, and produced deficits in excess of $500 billion. He is quite literally steadily selling America to Asian investors.
It's time we admit again, as we did in the late 90s, that supply-side economics may have made sense when tax rates were 70%, but are not even close to coming into play in the modern U.S. The Republican governor of Nevada has realized it: "People say, 'Well, growth ought to pay for growth,' but I'm here to tell you, it doesn't."
So let's end this period of madness, erase the Bush billionaire tax cuts, end the discussion about the estate tax, leave the capital gains tax alone, address corporate and small business tax incentives where applicable, and go back to the strong economy of 7 years ago.