Reality shows its liberal bias again.

[Torie]

Yes, there is a lot of hype and disingenuous data presentation going on here, but somehow we keep avoiding doing the heavy lifting. Sure, if you jack up tax rates, revenues in the short term will increase. And sometimes the economic cycle is doing its own thing, and then there are tax changes, and each side rushes to claim the cause and effect agents as their own, which may, or may not, be reality.  

The heavy lifting is the longer term effects of tax policy, after markets have had time to adjust, and seek lower cost venues, all things considered, if there are any.  The government inflating the currency really helps its balance sheet, in the short term, and then the music stops.

 So unless we are talking about cross national studies of different economic policies, and the results, and the effect of tax policy longer term, and how that policy compared to competitors, and when and why one could deviate from the crowd on the upside, and when not, most of this noise just doesn't do much for me.

Thanks for listening.