'Tax cuts do not pay for themselves,' says Republican appointed CBO director
(The 3 minute video on page with Bernie Sanders explaining the effects of Reagan's Trickle Down economics is well worth watching.)
'Tax cuts do not pay for themselves,' says Republican appointed CBO director
By Robert Sobel - August 25, 2015 10:14 PM MST
One natural political divide in the United States is that Republicans favor tax cuts for the wealthy, with Democrats arguing against it. While both sides continue to debate their economic agenda, one prominent voice has taken a side
Earlier this year, Keith Hall was appointed by congressional Republicans to become the next director of the nonpartisan Congressional Budget Office (CBO). Hall is no stranger to economics, as he was nominated by former President George W. Bush in 2007 as the Commissioner of the Bureau of Labor Statistics. Despite his ties to Republicans, the CBO director addressed the issue of tax cuts while speaking to reporters on August 25, as reported by Business Insider.
When a reporter questioned Hall on the theory of tax cuts, his response was one that didn't make many Republicans happy. "The evidence is that tax cuts do not pay for themselves," Hall said, noting that "our models that we're doing, our macroeconomic effects, show that."
Hall was reporting on the CBO's latest deficit projections for 2015, which show the government's spending in the current fiscal year will drop to an eight-year low. The CBO predicts that deficit spending will top out at 2.4 percent of GDP, or about $426 billion....
Full article:
http://www.examiner.com/article/tax-cuts-do-not-pay-for-themselves-says-republican-appointed-cbo-director