Properly understood, there were no Reagan tax cuts. In 1980 federal spending was $590 billion and in 1989 it was $1.14 trillion; you don't get Reagan tax cuts without Tip O'Neill spending cuts. Looked at from the proper perspective, we haven't really had any tax cuts to speak of -- we've had tax deferrals. ... a poorly applied supply-side analysis has infantilized Republicans when it comes to the budget. They love to cut taxes but cannot bring themselves to cut spending: It's eat dessert first and leave the spinach on the table.
My description of the GOP's approach circa 2005:
I'm going to pretend to give you a tax cut, while actually simply deferring huge tax increases, so that you can hope you die before your grandchildren have to dig out of the hole I'm leaving them in.
