Tuesday, July 20, 2010

Republicans Promoting Voodoo Economics Again

Republicans during this next election cycle are returning to promotion of "Voodoo Economics", which is the notion that tax cuts, especially for the wealthy, equal economic growth as well as the tax cuts even being a non-impact on the deficit. This while historically having been debunked with TWO (count 'em) in the past 30 years, both with Ronald Reagan's track record and George W. Bush's record economically, in Reagan's case in debate against George H. W. Bush, and in Bush's case by his own economic advisors. Amazing that they would run on on this platform. Be aware that Supply-Side Economics (or Reaganomics, or Voodoo Economics...pick a name) does not work, as economic growth under such policies does NOT out-pace loss in revenue from taxation, which leads to bigger deficits...just like out-of-control spending does.

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