That's the Way You Do It

When the crazzies wake-up, the deficit solution becomes apparent.  It's called the budget deals of 1990 and 1993.  Here's a key chart from Jonathan Chiat's excellent post "Conservatives Ignore Their One Proven Success" :

(Hat Tip: Matt Yglesias)


  1. Travis,

    thought you'd find Arthur Laffer's Op/Ed in the Wall Street Journal of interest:

    Even Better is Barry Ritholtz takedown of Laffer's flawed logic:


  2. Great stuff from Ritholtz, I loved this screed:

    "Indeed, I have railed in these pages against the ideological, fact-free OpEd in the WSJ — not because of the politics, but because they have been such consistent money losers. That would not matter so much if it were the NYT or the Podunk Press, but this is the Journal, for crying out loud, It is supposed to be the paper of record for investors.

    That the money losing OpEd page of the WSJ produces its most well read articles goes a long way in explaining one thing: Why 80% of money managers underperfom every year. Filling your head with Ideology, becoming a “magical thinker,” ignoring data, making up your own facts — these are a recipe for under-performing asset managers."