Tuesday, August 03, 2010

Cantor Concedes Flawed Republican Tax Cut Policy

For decades now, the Republican party has adhered to the notion that tax cuts reduce the deficit. The thinking goes that if the government taxes the very rich less, they'll spend more and it'll "trickle down" to the rest of us. Once the money drips down, deficits are reduced because the spending habits of the wealthy boost the economy. However, as we have seen the national debt explode since Reagan enacted this insane ideology, Republicans have unsuccessfully made their case in the real world. Today, G.O.P. Minority Whip Eric Cantor admitted it on live television....even if it came out unwittingly.