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I refer my supply-side believing friends to Bruce Bartlett's debunking of the Laffer Curve from last March:

The economy has suffered from many recessions in the past and always recovered, usually without benefit of any tax cuts.

    Of course, revenues always fall off when economic conditions are depressed. Economists call this an "automatic stabilizer" that helps recovery. But this is not the same as legislating tax cuts expressly to stimulate growth.

    Anyway, the economic data upon which tax cut supporters rely doesn't really prove their case. If one compares the recovery from the most recent recession to the last one, it is hard to find any effect of tax cuts at all.

I think it still holds up.

Truth unfolds in time through a communal process.

by marco on Sun Oct 8th, 2006 at 07:05:31 AM EST
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afew 4

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