If Hauser can make broad sweeping conclusions in his chart, I wanna do the same:
Call it
Dux Deduces...that supply side economics is a FAILED economic theory...each time it was applied (1981-1989, 2001-2008) with massive tax cuts, US national debt as a percent of GDP rose significantly:
It is as clear as black and red.... as income tax rates are adjusted down on the top wage earners, national debt increases as percent of GDP.
Further supported by a 2005 CBO study (
pdf)
Quote:
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The CBO estimated the extent to which a 10 percent reduction in personal taxes might pay for itself. The conclusions confirm that the free-lunch mantra is just plain wrong. On the most optimistic assumptions it could muster, the CBO found that tax cuts would stimulate enough economic growth to replace 22 percent of lost revenue in the first five years and 32 percent in the second five. On pessimistic assumptions, the growth effects of tax cuts did nothing to offset revenue loss.
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