Wednesday, February 22, 2017

A Twitter Thread Vol V - No Really, What's The Matter With Kansas?

After starving his state of revenue by massively cutting corporate and personal taxes, Gov. Sam Brownback took to Twitter to brag about a tax increase he vetoed. Under Brownback, Kansas has conducted a real-time experiment in the so-called "supply side" economics theory that first infected Washington, D.C. when Reagan became President. The idea is simple - cut taxes on the "job creators" (read: rich people and corporations) and the massive spike in economic growth will make up for the lowered tax rates. Only problem? It does not work. At the federal level, the growth was never enough to make up for the reductions, not to mention those pesky commitments to things like Medicare or Republican fetishes with military spending cost money. Oh, and loose regulation also encourage morally questionable decision making. It's no coincidence that the Savings and Loan crisis, two Wall Street crashes and three recessions happened under our last three Republican Presidents. Anywho, enjoy this little thread ...

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