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By jazz_music following x   2017 Jul 17, 8:33pm 219 views   3 comments   watch   quote     share  

Exhibit 1

Tax cuts pay for themselves.

The fantasy: In 1981, as he championed massive tax cuts, President Ronald Reagan promised there would be no growth in the federal budget deficit because the economic boom that would follow would lead to higher revenues.

Reality: Budgeted federal revenues dropped, leading to a huge fiscal hole. Deficits rose to 6 percent of G.D.P. by 1983, then the highest in peacetime history. Reagan tacitly admitted failure by reversing directions and raising taxes multiple times, starting in 1982.

__Blame:__Conservatives claimed Democrats in Congress ran up spending so much that the growth of revenues could not keep up with the growth in outlays.

The excuse is false: According to a 2002 report prepared by the House and Senate Appropriations Committees, when all appropriations bills during the Reagan administration are taken into account, the big spender was Reagan himself. All told, the report shows, Reagan requested about $4.7 trillion in his budgets submitted to Congress—including the regular annual budget, the supplementals and deficiency appropriations. In the final action, Congress spent a bit less than that amount. (I know, Republicans’ heads just exploded. Read the official report.)

The Aftermath: History is ignored. Conservatives still insist, on no evidence, that cuts pay for themselves. Trillions of dollars in debt have been run up over 30 years because of tax cuts. Republicans in Congress have introduced legislation that would force the Congressional Budget Office to change how it calculates projected losses from tax cuts to make future results align more closely to conservative predictions.

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1 HEY YOU   2017 Jul 17, 11:20pm   ↑ like (0)   ↑ dislike (0)     quote        

In passing thru, FUCK CONSERVATIVES!

3 jazz_music   2017 Jul 26, 5:17pm   ↑ like (0)   ↑ dislike (0)     quote        

I think patnet users still believe in this shit.

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