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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region Forums"Charlatans, Cranks and Kansas" by Paul Krugman
Charlatans, Cranks and Kansasby Paul Krugman at the NY Times
http://www.nytimes.com/2014/06/30/opinion/paul-krugman-charlatans-cranks-and-kansas.html?smid=re-share&_r=0
"SNIP.....................
Two years ago Kansas embarked on a remarkable fiscal experiment: It sharply slashed income taxes without any clear idea of what would replace the lost revenue. Sam Brownback, the governor, proposed the legislation in percentage terms, the largest tax cut in one year any state has ever enacted in close consultation with the economist Arthur Laffer. And Mr. Brownback predicted that the cuts would jump-start an economic boom Look out, Texas, he proclaimed.
But Kansas isnt booming in fact, its economy is lagging both neighboring states and America as a whole. Meanwhile, the states budget has plunged deep into deficit, provoking a Moodys downgrade of its debt.
Theres an important lesson here but its not what you think. Yes, the Kansas debacle shows that tax cuts dont have magical powers, but we already knew that. The real lesson from Kansas is the enduring power of bad ideas, as long as those ideas serve the interests of the right people.
Why, after all, should anyone believe at this late date in supply-side economics, which claims that tax cuts boost the economy so much that they largely if not entirely pay for themselves? The doctrine crashed and burned two decades ago, when just about everyone on the right after claiming, speciously, that the economys performance under Ronald Reagan validated their doctrine went on to predict that Bill Clintons tax hike on the wealthy would cause a recession if not an outright depression. What actually happened was a spectacular economic expansion.
......................SNIP"
Anansi1171
(793 posts)"Meanwhile, the states budget has plunged deep into deficit, provoking a Moodys downgrade of its debt."
Lol..Republicans doin work!
House of Roberts
(5,168 posts)I have just accessed the 2nd of my ten free articles. It's the 29th of the month.
I'd say their argument for me buying a subscriptionm is a bit weak.
NJCher
(35,658 posts)the ruling establishment of Kansas is a bit on the slow side.
Kansas is shaping itself up to be the stateside version of Polish jokes.
Remember the book What's the Matter with Kansas?
Cher
Viva_Daddy
(785 posts)It's hard to give up Myths that make you feel good. Look at history. These people still deny evolution (although they seem to accept genetics, which actually confirms Darwin was mostly right) and deny that mankind has any influence on climate change. Basic chemistry says that if there is too much carbon in the atmosphere, it has to make the earth warmer. Look at Venus.
quaker bill
(8,224 posts)and start regularly voting for it, it is really tough to let it go. This is simply because admitting that you were wrong for the last 30 years is a big pill to swallow for most folks.
Electric Monk
(13,869 posts)&U&G&M&A&N
supercats
(429 posts)All republicans need to be banned from ALL economic, policy, and social issues facing the country now and in the future. All they have ever wanted and intended to do is hurt, cripple and devastate the United States Of America for the sole purpose of giving the 1% more advantages, more money and more power, at the expense of the 99%. We need to literally kick the republicans OUT of America for good!