No Empty Wallets responds to Jim Manzi's argument (and Jim responds in the comments). The data on job growth in the Bush and Clinton years are interesting (Clinton wins). I'm not sure that returning marginal rates to the levels of the 1990s is that big a deal. But long-term creep in government spending as a share of the economy is troubling, if it pans out. Matt Miller urges calm:
"We know from the Clinton boom of the 1990s that marginal tax rates of 39.6 percent put no brakes on entrepreneurship or growth. And the modest limits Obama is proposing on the value of itemized deductions for mortgage interest and charitable donations puts their value exactly where they were under Ronald Reagan, which no one would say was a 'socialist' interlude for the U.S. economy. So everyone jumping up and down about how supposedly 'radical' Obama's plan is should calm down and look at the facts."
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