Chart of the Day: How Have Republican Tax Cuts Fared Since 1980?

Jonathan Chait complains today that Republicans always justify their claim that tax cuts boost the economy by simply taking credit for the normal economic expansions that happen afterward:

They deemed the Reagan tax cuts to be a growth miracle by starting at the trough of a recession, in 1982, and measuring through the peak of the expansion, in 1990. The 1980s expansion was actually an unremarkable business cycle recovery, but by measuring from the trough to the peak, conservative propaganda transformed it into a miracle.

OK, let’s do just the opposite. Let’s take a look at economic growth after each of the six major tax bills since 1980, but for each one we’ll arbitrarily use the decade following. Everyone gets exactly ten years and that’s that. This is blogging without a net: I have no idea how this is going to turn out, but I promise to post the results regardless of what they look like.

….And here they are:

There you have it. None of this matters, of course, since Republicans pass tax cuts mostly to please their donor class, not due to any macroeconomic evidence that they do much for the economy. Still, at least we got a colorful chart out of the deal.

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THE TRUTH...

is the first thing despots go after. An unwavering commitment to it is probably what draws you to Mother Jones' journalism. And as we're seeing in the US and the world around, authoritarians seek to poison the discourse and the way we relate to each other because they can't stand people coming together around a shared sense of the truth—it's a huge threat to them.

Which is also a pretty great way to describe Mother Jones' mission: People coming together around the truth to hold power accountable.

And right now, we need to raise about $400,000 from our online readers over the next two months to hit our annual goal and make good on that mission. Read more about the information war we find ourselves in and how people-powered, independent reporting can and must rise to the challenge—and please support our team's truth-telling journalism with a donation if you can right now.

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