Wednesday, August 20, 2008

If you're keeping score, this makes two economic cycles that have annihilated the premises of right-wing economics

Bush 36,000 - The New Republic
The initial effect of tax cuts for the rich is to increase public debt and income inequality. Conservatives justify these consequences by pointing to the alleged second-order effects of tax cuts--promoting stronger incentives and higher growth. But, if the second-order effects are so tiny they get washed out by larger economic factors--and the evidence overwhelmingly suggests they are--why should we pay the price for them?

When the macroeconomic rationale for upper-bracket tax cuts is gone, you're left with nothing but a naked upward-redistribution scheme.

Bush-McCainonomics in a nutshell.

LATE ADDITION: At a time of war, the country went into debt so they could have more: On Rodeo Drive, the Economy's Booming - LA Times

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