Texas Proud
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- May 16, 2005
- Messages
- 17,267
donheff said:This is a bit of a hijack, but this theory always steams me. Whether or not we drove the USSR into destitution by out spending them is irrelevant to the Reagan tax cuts. We didn't go knowingly go into a massive deficit in an effort to fight the commies. We went into a deficit because the republicans were wrong about the effect of the tax cut -- remember the Laffer curve et al? The cuts were supposed to pay for themselves.
So, either we blundered into massive deficits because the Reagan crowd didn't unbderstand what they were doing or they lied to us about what they believed about tax cuts. Sounds familiar doesn't it? Kind of like the war in Iraq that would pay for itself.
Just want to put some of this in perspective...
The Laffer curve actually worked!! Most people don't know this, but what it was is you would get more tax revenue with a tax cut because people would recognize gains, and 'make' more money.. and that is what happened..
The other side of the Regan plan was to cut spending.. this never happened... it went UP... just like Bush.. it has gone UP.. I am embarrased that the Republicans kept saying that they would 'balance the budget' and cut spending if they got into power and they are the worst in history!!!
I am hoping that they lose... can't be much worse with the Dems in place..