As many of us have been saying for some time now, supply-side economics is ■■■■■■■■■ We said the tax cuts would not pay for themselves as it’s never, ever been the case. Well, once again, we’re proven correct according to the CBO Director:
WELL, OBVIOUSLY, PROJECTING THE FUTURE, YOU CAN BE WRONG. WE CAN BE WRONG. WE DID A REALLY CAREFUL ANALYSIS OF THE TAX BILL. WE LOOKED AT RESEARCH, WE TRIED TO BASE ON REAL DATA AND REAL EVIDENCE. AND OUR ESTIMATE DID, IN FACT, SHOW THAT THE GDP BENEFITS OF THE TAX BILL WOULD INCREASE REVENUES, BUT NOT ENOUGH TO FULLY COVER THE BILL. AS YOU SAID, IT COVERS ABOUT 30% OF THE TAX BILL WITH RESPECT TO THE DEFICIT.