"Few economic theories have been as thoroughly tested in the real world as supply-side economics, and so notoriously failed.
"Ronald Reagan cut the top income tax rate from 70 percent to 28 percent and ended up nearly doubling the national debt. His first budget director, David Stockman, later confessed he dealt with embarrassing questions about future deficits with 'magic asterisks' in the budgets submitted to Congress. The Congressional Budget Office didn’t buy them.
"George W. Bush inherited a budget surplus from Bill Clinton but then slashed taxes, mostly on the rich. The CBO found that the Bush tax cuts reduced revenues by $3 trillion.
"Yet Republicans don't want to admit supply-side economics is hokum. As a result, they’ve never had much love for the truth-tellers at the Congressional Budget Office."
Robert Reich in Salon takes on "dynamic scoring."
And Jonathan Chait in New York decries the Republican "War on Math."
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