[IP] voodoo economics officially dead (wishful thinking djf)

[Dave Farber <dave@farber.net>]

------ Forwarded Message
From: Denise Caruso <caruso@hybridvigor.org>
Date: Sun, 6 Apr 2003 09:35:07 -0700
To: farber@dsl.cis.upenn.edu
Subject: Fwd: voodoo economics officially dead

Dave,

I don't think I saw this distributed to IP, so I thought it might be of
interest. Disclaimer:  the link is to a PDF from the Congressional Budget
Office, and I haven't read the document. Obvious upfront bias: though the
document appears to be official and from CBO, the link to the PDF originates
at a site called New Democrats Online.

In any case, thought some of the armchair policy wonks on the list might
enjoy this as a little Sunday reading.

Of course, proclaiming supply-side to be dead seems so obvious to me it's
like saying, "Rats like cheese!" But in this administration, repetition so
often replaces actual argument that a little data can't hurt.

Do with it as you will.

Denise


Forwarded message:

Just in case you needed proof:
For years, advocates of supply-side economics have justified repeated calls
for tax cuts for high earners by arguing the cuts will pay for themselves by
dramatically boosting economic growth and thus tax revenues. They have just
as adamantly insisted that if only Capitol Hill's official arbiter of the
budgets, the Congressional Budget Office, would evaluate tax cuts through
the prism of "dynamic scoring" -- which projects the macroeconomic impact of
tax cuts as well as the lost revenues they produce -- their point of view
would be vindicated.
Well, CBO has done just that with President Bush's budget, and guess what?
In a report prepared under the supervision of a supply-side economist
handpicked by the White House and published last week, CBO concluded the
president's budget would make long-term budget deficits worse rather than
better.

The link to the report:
http://www.ndol.org/documents/03-25-AnalysisPresidentBudget-Final.pdf


-- 
'Be kind, for everyone you meet is fighting a great battle.'
                                           - Philo of Alexandria
Denise Caruso
The Hybrid Vigor Institute
http://hybridvigor.org


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