The 1964 Tax Cuts and Economic Growth – Paul Ryan Edition
by Mike Kimel
The 1964 Tax Cuts and Economic Growth – Paul Ryan Edition
During last week’s Vice Presidential debates, Paul Ryan stated: “Jack Kennedy lowered tax rates, increased growth.”
There was some commentary about Biden’s response (“Oh, now you’re Jack Kennedy.”) but just about everyone seems to miss what I think is the important point. Take a look at the graph below:
The so-called Kennedy tax cuts occurred in 1964, the year following JFK’s assassination, and were pushed through by Lyndon Johnson. Now take a look at 1964, and consider the likely outcomes when people who
think events in 1964 “increased growth” determine tax policy. Data on real GDP from the Bureau of Economic Analysis, the government agency responsible for computing the series.
Looks like just another republican “distortion” of the economy.
Jerry
I’m not sure it’s just a republican distortion. it occurs to me that politics lives in a parallel universe where what happened doesn’t matter nearly as much as what people think happened.
we live from lie to lie.
hadn’t meant to be anonymous.
The R/R campaign is an extension of the war on the New Deal dating back to 1935.
FDR defending the New Deal in 1935:
“The most difficult place in the world to get a clear open perspective of the country as a whole is Washington. I am reminded sometimes of what President Wilson once said: ” So many people come to Washington who know things that are not so, and so few people who know anything about what the people of the United States are thinking about.”
http://millercenter.org/president/speeches/detail/3304
Sounds like Romney/Ryan? It is the same genre.
Ryan knows only DC and Janesville, Wi.
Romney knows Wall St and how to proselitize in France.
Ryan’s economy could work under some very recondite set of circumstances. For whom it might “work” is even more arcane.
Not to worry the failures are pushed down trickling on the 80% lower than the top.
ilsm