PERRspectives: The Laffer Curve Brings Red Ink to Red States
"For over 30 years, it has been the Republican Party's uber lie. Ever since Jude Wanniski first sketched Arthur Laffer's curve on the back of a napkin, conservatives have claimed that "tax cuts pay for themselves" because the extra economic activity they incentivize will produce tax revenues at least as great as they otherwise would have been. Sadly, the GOP's faith-based economics has been disproven by three decades of experience. President Ronald Reagantripled the national debt. During his tenure, George W. Bush nearly doubled it again. Even now, the nonpartisan CBO explained when most of them were made permanent in 2013, the Bush tax cuts are still the largest driver of America's long term debt."
