Most of us know about the famous Republican fairy tale on deficits in which tax cuts pay for themselves through increased growth. Grownups know this is nonsense. There is a large body of research showing that any growth spurred by tax cuts will be nowhere near large enough to cover the lost revenue. We also did this experiment twice: under Reagan and George W. Bush. We got large deficits. But the Republicans are not the only ones who push deficit myths. The Democrats have their own,...READ FULL ARTICLE »
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