Supply Side from Mr. Romney

There is something wrong with the water in Republican households. Not all of them mind you, I have strong,intelligent Republican friends. Some of the best people I know. And yet for the last thirty five years from Reagan to Bush to now the Romney and Santorum crowd we hear repeated calls for even lower taxes, increased defense spending and cuts in waste that will solve the budget problems.

Governor Romney recently stated his proposed twenty percent across the board tax cut, he further stated the tired ideas that it would be paid for by broadening the tax base and by the acclerated spending and investment that would come from this extra income kept by individuals.

The problem is that we all know the tax base will not be broadened. Broadened is code for removing loopholes and deductions while making everybody pay lower tax rates. The theory is that the broadening of the tax base will make the tax cuts revenue nuetral or on a really good day revenue positive. It has never happened. In the thirty five years since Bush the elder called Reagan's supply side theories voodoo economics it has never worked as promised.

In terms of broadening if it were to work deductions would have to be cut. One often talked about is the homeowners interest deduction. Can anyone serioulsy imagine any politiian having courage enough to propose cuts in this program. As with most efforts today the goodies are given first in the form of tax cuts and then the iniative and desire to make the cuts to pay for them does not happen. It is the normal process in Washington.

Romney knows better than to beleive what he is spouting. He is a businessman, this is his number one qualification to be President he says, he knows that Supply Side Economics, Trickle Down Economics...whatever you call it, it is as it was called years ago Voodoo Economics.