How so? Tax revenues doubled.
I expect the 80s tax issues would be an endless discussion between us. I'm not interested in redebating it.
I simply stated it as a premise for my thinking. Let's focus on the frame c2 gave us which is what is to be done now, with the high domestic deficits and high trade deficits. What would you argue should be done?
As for my assertion about the 80s, let me at least give you a taste of where that conversation might go and why it would be fruitless and frustrating. But you can already anticipate it.
There is the nominal versus real stuff someone posted. But then I will argue the more important thing about the 80s is that by the end of it the US was growing deficits out of the whatever. Those early Reagan admin tax cuts left the taxpayers in a bad interest paying hole. You will argue it was the damnable Dem congress that did it. I will argue that one of the reasons the tax revenue went up were the tax increases, the social security raises engineered, thank heavens, by Greenspan and Dole, and at least one general income tax raise, perhaps two. And, anyway, the Laffer curve arguments were only, as Jim, Jack, Bill, whatever, oh yes, David Stockton argued, the whole thing was only an ideological cover to shrink entitlements and thus to shift income from the middle class to the upper class. And you will argue . . . .
It just goes nowhere. So what do you argue as to what should be done now? Cut taxes more so that will close the deficit? |
