Krugman writes: "We have a first score on the Jeb! tax plan - in answer to Matt O'Brien, I think we refer to this as the Bush! tax! cuts! It's $3.4 trillion in lost revenue."
Paul Krugman. (photo: David Levene/eyevine/Redux)
Dynamic Voodoo
12 September 15
e have a first score on the Jeb! tax plan — in answer to Matt O’Brien, I think we refer to this as the Bush! tax! cuts! It’s $3.4 trillion in lost revenue. But most of this will be made up through higher growth, Bush’s advisers, led by Glenn Hubbard, assure us.
And that’s highly credible, right? After all, Hubbard was a big booster of the Bush (as opposed to Bush!) tax cuts, which he assured everyone would lead to much faster growth and 300,000 jobs a month. He was especially proud of the 2003 tax cut.
And just look at the chart above, which compares private sector job creation after that pro-growth tax cut and after the job-killing 2013 Obama tax hike. As you can see — hmm, that doesn’t seem to go the right way, does it?
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