Long before Dick Cheney said, "Deficits don't matter," there was Jack Kemp. Although the early 1980s tax cuts are attributed to Reagan, they were initiated by Kemp and Sen. Bill Roth through their 1981 Kemp-Roth Tax Cut legislation. Kemp and his followers were the pioneers of ignoring budget balancing while promoting tax cuts and economic growth.
Of course, now that we have a Democratic administration and Congress, deficits do matter. They just don't matter when it's for tax cuts, military spending, and really anything else when Republicans are in charge.
Trivia question: Who was having lunch with USC economics professor Arther Laffer in 1974 when Laffer first drew his now-famous "Laffer Curve" on a paper napkin? Answer: Donald Rumsfeld (Wikipedia also indicates Dick Cheney was present).
Trivia question #2: By his own admission, whom did Professor Laffer vote for in the 1992 and 1996 presidential elections? Hint: the same person both times.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment