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4:21 PM
You can fool some of the people all of the time
Cut taxes. Raise defense spending. Balance the budget. That, in a nutshell, is the promise of Mitt Romney's 162-page, 59-point economic plan. But if that refrain sounds hauntingly familiar, it should. After all, Ronald Reagan, George W. Bush and the leading lights of the Republican Party have been repackaging that same formula for over three decades.
But repeating the same falsehood—even for 30-plus years—doesn't make it any more true. As it turns out, that patron saint of small government Ronald Reagan tripled the national debt during his tenure, while Bush nearly doubled it again by January 2009. While their supply-side snake oil did not match the economic growth and job creation of periods of higher (even much higher) taxation, it did produce staggering increases in income inequality.
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