New GOP hair, same GOP policies

Romney and the GOP still toe the Bush line – latimes.com 

Meanwhile, it doesn’t take an economist to figure out that waging two wars while doing nothing to raise revenue to pay for them — while, in fact, cutting taxes — will increase the federal deficit. It should surprise no one, then, that the deficit rose by $4 trillion under Bush. That’s not as much as the $5 trillion more it has risen under Obama, but that is in large part because the Bush tax cuts have remained in place and in larger part because of depressed federal revenue caused by the economic downturn (which began under Bush’s watch, as a result of a laissez-faire attitude toward regulating the financial industry) and increased stimulus spending aimed at preventing a second Depression.

Meanwhile, if reducing taxes on the wealthy really spurs them to create jobs — an article of faith among Republicans — one wonders why they have failed so spectacularly to do so.

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