From Ezra Klein's
post on Tim Pawlenty's idiotic "economic Plan":
Pawlenty is pushing the supply-side Kool-aid:
Nothing, I fear. This morning, Tim Pawlenty released an economic plan that was, if anything, more irresponsible than Bush’s tax cuts. At least Bush admitted that cutting taxes costs money. That’s why it made sense — or at least seemed to make sense — to use tax cuts to rebate a surplus. If cutting taxes raised government revenues, that statement would make no sense, as more tax cuts would simply lead to larger surpluses.
But that’s exactly what Pawlenty argued today. His tax cuts, he wrote, will boost annual economic growth from two percent to five percent and, in doing, “generate $3.8 trillion dollars in new tax revenues” and “reduce projected deficits by 40 percent.” In other words, you can have your cake, eat it too, and fit into those pants you haven’t worn since high schools. All you need are tax cuts.
Pawlenty also promised that “the real slog of the next administration will be an unrelenting trench battle against overregulation.” Bush wasn’t a big fan of regulations either. So we got a test of the low tax/low regulation approach in the Aughts. And how did it work out? “That business cycle was the first one in the postwar period where the income for a typical working-class family was lower at the end than at the beginning,” says Larry Mishel, president of the Economic Policy Institute.
Idiots. It didn't work then, it won't work now. But it sure sounds good, doesn't it. They will ruin this country yet.
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