Because the deficit projection was overstated. Back in the late 1990s the deficit for the mid 2000s was projected to be....guess......$250 billion.
Quote:
|
Phelps, 73, who owns neither a house nor a car, showed that cutting interest rates or taxes would give only a short-term boost to employment and create higher inflation down the road.
|
Evidently they awarded the Nobel Prize for Economics to the wrong person.
You realize, of course, that higher tax revenues = higher taxes?
And you posted Crutsinger again? You might want to read all about him before using him as a source.