Malpass: Deficits Bad, Tax Cuts Good
David Malpass opens his NRO oped by noting Alan Greenspan’s “warnings on the deficit situation”, but then writes:
In a good turn of events, however, the recently passed House and Senate budget resolutions include reconciliation instructions requesting tax-cut legislation in 2005 … Indeed, a joint House and Senate budget that includes tax-cut funding would be a positive development for both the economy and the stock market.
Malpass offers no explanation for the apparent inconsistency – except for the obvious fact that tax revenues have been rising since the economy started coming out of the recession. I guess this is more proof that the only editorial review over at NRO is to ask whether Karl Rove will approve the basic theme of the oped.