Jeb Bush promises 4% growth and Paul Krugman calls him out on it, Voodoo, Jeb! Style:
To be more specific, the next time you encounter some conservative going on about growth, you might want to bring up the following list of names and numbers: Bill Clinton, 3.7; Ronald Reagan, 3.4; Barack Obama, 2.1; George H.W. Bush, 2.0; George W. Bush, 1.6. Yes, that’s the last five presidents — and the average rate of growth of the U.S. economy during their time in office (so far, in Mr. Obama’s case). Obviously, the raw numbers don’t tell the whole story, but surely there’s nothing in that list to suggest that conservatives possess some kind of miracle cure for economic sluggishness. And, as many have pointed out, if Jeb! knows the secret to 4 percent growth, why didn’t he tell his father and brother?
Or consider the experience of Kansas, where Gov. Sam Brownback pushed through radical tax cuts that were supposed to drive rapid economic growth. ‘We’ll see how it works. We’ll have a real live experiment,’ he declared. And the results of the experiment are now in: The promised boom never arrived, big deficits did, and, despite savage cuts to schools and other public services, Kansas eventually had to raise taxes again (with the pain concentrated on lower-income residents).
Why, then, all the boasting about growth? The short answer, surely, is that it’s mainly about finding ways to sell tax cuts for the wealthy. Such cuts are unpopular in and of themselves, and even more so if, like the Kansas tax cuts for businesses and the affluent, they must be paid for with higher taxes on working families and/or cuts in popular government programs. Yet low taxes on the rich are an overriding policy priority on the right — and promises of growth miracles let conservatives claim that everyone will benefit from trickle-down, and maybe even that tax cuts will pay for themselves.