The wholesale voodization of the GOP is a sight to behold; apparently the nonsense about the Reagan tax cuts having led to a vast rise in revenue is now something one must claim to believe. Anyway, a quick note about Federal revenue history.The way I like to look at it is to compare business cycle peaks. We know that recessions reduce revenue and recoveries raise it. So it’s much more informative to look at peaks (not troughs: all happy economies are more or less alike, each unhappy economy is unhappy in its own way). Oh, and since 1979-82 was really one double-dip recession, I just use 1979 and ignore the 80-81 “recovery”.
read the rest of this article at The New York Times.
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.