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Actually, Will, our views are sort of mirrors: you think the 93 tax hike caused the subsequent prosperity, and that if not for the S&L crisis the 91 tax hike would have also. My view is that, although both tax hikes were small, so that the effects were marginal, the 91 tax hike did harm the economy; the S&L crisis by itself wasn't enough to do it, but there was an accumulation of things, including the normal cycle of business after 7 years of prosperity. The 93 hike was small, and was so overwhelmed by the huge rush of technology-driven productivity and investment (plus the uptick from the start of the recovery) that it ultimately had almost no effect at all on the larger economy.
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