This column by Justin Fox in a recent issue of Time discusses another popular bit of Republican mythology: that massive tax cuts will actually dramatically increase federal revenue. Worth a look if you're remotely interested in the topic of the Laffer Curve. As noted repeatedly, the success of the Republican agenda is totally dependent upon, and correlates to, the ignorance level of American voters.
Added Tuesday, 22 January: There's much I don't understand about economics. In high school and college, it was a subject in which I fared poorly, although my worst problem was always in algebra. Somehow, I've lived this long without ever having had a crying need for that, although the way it was emphasized in school, you'd think algebra was essential to human existence and survival of the species.
Back to economics. After being told for years by Rush Limbo and his followers that our economy is having a rip-roaring good time, it's starting to look like things aren't so great after all. On "The McLaughlin Group" last Friday night, the panel talked about all the different areas in which the US economy is weak, and it sounded pretty scary to me (being poorly educated in the subject as I am).
Whenever there's a problem, the first solution is always what ? Yeah, that's right. More tax cuts.
This time, we're going to spend 150 billion or so on tax rebates. Most people who pay taxes will get a few hundred dollars in free money, the idea being that if they'll go out and piss it away, it'll shore up the economy. If they're smart, most of them will use it to pay down their credit card balances. As for me, I'll do the same thing I did last time: save it for later. Then, when I need a new computer I'll have the money for it.
This is a serious question: Can you think of one aspect of American life that's better now than when W took office in January 2001 ? If so, please comment in the space provided.
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