Really, David Stockman?
David Stockman, Ronald Reagan’s budget chief, attacked Republicans in the NYTimes today. Does he really think the U.S. economy would be better today if the top marginal income tax rate was still 70 percent and the tax code left unindexed for inflation? Then there’s this bit:
By fiscal year 2009, the tax-cutters had reduced federal revenues to 15 percent of gross domestic product, lower than they had been since the 1940s.
Now let’s see, was there anything else happening in 2009 that might have had some impact on tax revenues? I seem to remember something. Now what was it. Oh yeah, it was this: