The Democrats’ Myth On Deficits

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,...