The most glaring deficiency in this latest attempt by Congressional Republicans to pass at least something is the fact that, although challenged to support their main theory, they come up again and again empty handed. The premise given for this deficit busting piece of legislation is that the revenue cuts will pay for themselves with increased taxable economic activity. When challenged to give examples of this, the Congressional Republicans change the subject and talk about the crumbs being thrown to the middle income taxpayers.
Trickle down economics has been around since at least the early ’80s when it was correctly labeled “voodoo economics” by George H.W. Bush. Ronald Regan’s budget director David Stockman saw through it, spoke up and was promptly fired. Things haven’t changed in the meantime. In fact, the State of Kansas nearly bankrupted itself only a couple of years ago trying to do the same thing at the state level. The only solution was to hurriedly enact a massive tax increase to save the State’s finances.
Who is it who said that the definition of insanity is repeating the same thing over and over and expecting a different result?