Jonathan Chait complains that conservatives are ignoring history when they comment on the expiration of the Bush tax cuts:
In 1993, conservatives unanimously predicted that Bill Clinton's tax increase on incomes over $200,000 would slow growth, reduce tax revenues, and likely cause a recession. Instead, of course, the economy boomed and revenue skyrocketed. Then George W. Bush cut upper-bracket tax rates, and conservatives predicted that this would cause the economy to grow even faster. Instead, the economy experienced the first business cycle where income was lower at the peak of the business cycle than it had been at the peak of the previous business cycle. It is rare that events so utterly repudiate an economic theory. None of this evidence has penetrated the conservative mind to the slightest degree. Reading the right-wing press, it is exactly as true today as it was 18 years ago that reducing Clinton-era upper-bracket tax rates holds the key to economic growth.
...let's focus on wasteful, duplicative, ineffective, and unwarranted spending first, reduce tax expenditures second, and then and only then consider raising the overall tax burden.
And have unicorns over for tea. In an ideal world, Reihan is right.
In reality, even the Tories are raising taxes because any attempt to tackle the debt realistically requires that. The Bush tax cuts became unaffordable as soon as we launched two wars. They were designed to end now. They are way lower than anything before Reagan, and the money has to be found somewhere. And what are the odds that the GOP will find $700 billion in "waste" next year? C'mon.