DEFICITS UNLIMITED….Brad DeLong helpfully posts a Wall Street Journal article today that would otherwise be available only to subscribers. The subject is “dynamic scoring,” the theory that says tax cuts raise economic growth and therefore pay for themselves (or at least partly pay for themselves). The killjoys at the Congressional Budget Office have never been willing to play this game, so recently the Bushies installed their own guy there so that CBO could produce authoritative sounding confirmations that tax cuts were good, good, good.
The new team tried nine different economic models to try and make their case, but ? surprise! ? it turns out there’s no free lunch after all. Click here for the dreary details.