Bush Proved Trickle-Down Doesn’t Work

• After an adjustment period following the 2001 and 2003 tax cuts, revenue does not return to trend. It follows the old revenue curve at a permanently lower level.

• If trickle-down worked, the revenue curve would have surged above trend growth.

Are you really going to tell me that the mildest recession in post-war history was so bad that it lead to persistent underperformance of revenue…?

Ezra Klein is Dismayed that Some People Think The Bush Tax Cuts Raised Revenue