Just read an interesting article in the New Republic's "The Plank" that is related to my last blog post, below. They say that McCain is a very recent convert to supply-side economics. He was quoted in South Carolina as saying that "Every time in history we have raised taxes it has cut revenues." That's because that's the mantra that conservatives want to believe.
But the New Republic calls him on this and points out the lie. They show how tax revenues fell after Bush's 2001 tax cuts, and when revenues have grown with tax increases. It's very interesting to see, because the numbers don't lie. And we need this kind of raw data in the face of the conservative believers who accept the supply-side myth on faith.
There are times when supply-side works. No doubt about that. But this religious conviction that we have to always cut taxes, even in the face of the need for more spending, is absurd.
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