Dave, Krugman in NYT today. I know the sources are not to your liking but the content is accurate history:
"During his failed bid for the 1980 Republican presidential nomination George H. W. Bush famously described Ronald Reagans supply side doctrine the claim that cutting taxes on high incomes would lead to spectacular economic growth, so that tax cuts would pay for themselves as voodoo economic policy. Bush was right. Even the rapid recovery from the 1981-82 recession was driven by interest-rate cuts, not tax cuts. Still, for a time the voodoo faithful claimed vindication.
"The 1990s, however, were bad news for voodoo. Conservatives confidently predicted economic disaster after Bill Clintons 1993 tax hike. What happened instead was a boom that surpassed the Reagan expansion in every dimension: G.D.P., jobs, wages and family incomes.
"And while there was never any admission by the usual suspects that their god had failed, its noteworthy that the Bush II administration never shy about selling its policies on false pretenses didnt try to justify its tax cuts with extravagant claims about their economic payoff. George W. Bushs economists didnt believe in supply-side hype, and more important, his political handlers believed that such hype would play badly with the public. And we should also note that the Bush-era Congressional Budget Office behaved well, sticking to its nonpartisan mandate."
