Irrational belief in supply-side economics is what brought us to this mess. So naturally, the irrational believers think that more of the same will fix everything.
Something the Dog Said wrote: Currently taxes are their lowest levels in the last 60 years, and simply do not factor in at this point. Your bumper sticker slogan solutions simply do not hold up.
That's because only 50% of the formula has been applied, the rest of the formula is necessary to achieve the desired goal. The 50% that is missing is drastically scaling back the amount of money the federal government spends. Increased federal spending and increased federal taxes resulted in the same malaise under FDR, so we know that that won't work. We have firsthand experience with the failure of lowering taxes slightly and significantly increasing spending - it produces the same malaise as increased taxes and increased spending did. We also have historical proof, the years immediately following both World Wars, where cutting taxes and significantly reducing federal spending resulted in a large growth of the economy.
Based on experience and historical knowledge, we know that the malaise will continue if we raise taxes on the very people who have the funds and we know that we can expect the economy to expand by cutting both taxes and spending. Makes the path we need to follow now a fairly straightforward one if we were willing to learn from the lessons of history instead of continue to ignore them.
Of course you can't expect that someone with an irrational belief in demand side economics is willing to do anything other than proclaim that the failure was because we didn't dig the hole deep enough yet.
