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voodoo economics officially dead (wishful thinking djf)
From: Dave Farber <dave () farber net>
Date: Sun, 06 Apr 2003 16:04:36 -0400
------ 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 ------ End of Forwarded Message ------------------------------------- You are subscribed as interesting-people () lists elistx com To manage your subscription, go to http://v2.listbox.com/member/?listname=ip Archives at: http://www.interesting-people.org/archives/interesting-people/
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- voodoo economics officially dead (wishful thinking djf) Dave Farber (Apr 06)