I think this little excerpt from a longer editorial in the NYT is important.

"Two years ago, the Congressional Budget Office published an analysis of the effect of a tax cut on economic growth and tax revenues. It found that even under the rosiest of assumptions, cutting taxes led, inevitably, to lower revenues and a bigger deficit. But perhaps those assumptions were not rosy enough for the Republican presidential candidates."

The rest of the editorial is about the rose-colored unreality in which Giuliani and similar Repub hopefuls seem to be indulging. It can be found here.

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