by By Hale Stewart (originally published at Bonddad blog) John Hinderaker Renews His “Tax Cuts Pay For Themselves With Growth” Nonsense It’s been awhile since John “Everything I wrote about economics for an entire year was wrong” Hinderaker has written about economics. The respite has been glorious. But now that Republicans in the House have passed a tax bill, ol’ John has to tell us that they will lead to glorious growth. I have one word for him: KANSAS. Sam Brownback tried this over the last 5 years in his state and it failed. Miserably. For more on this, please see Menzie Chen’s writing over at Econbrowser. But more to the point, the whole “tax cuts made the 80s the most amazing economic growth miracle since the beginning of time pure trope. Let’s
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by Hale Stewart (originally published at Bonddad blog)
John Hinderaker Renews His “Tax Cuts Pay For Themselves With Growth” Nonsense
It’s been awhile since John “Everything I wrote about economics for an entire year was wrong” Hinderaker has written about economics. The respite has been glorious. But now that Republicans in the House have passed a tax bill, ol’ John has to tell us that they will lead to glorious growth.
I have one word for him: KANSAS. Sam Brownback tried this over the last 5 years in his state and it failed. Miserably. For more on this, please see Menzie Chen’s writing over at Econbrowser.
But more to the point, the whole “tax cuts made the 80s the most amazing economic growth miracle since the beginning of time pure trope. Let’s look at the overall pace of growth:
So, what caused growth? Let’s start with this chart:
