From The Washington Post:
Donald Trump thinks he knows how to make America’s economy grow again, and that’s by copying George W. Bush.
Indeed, in his big economic speech on Monday, Trump mostly just repeated the same supply-side shibboleths about cutting taxes for the rich and cutting back on regulations that Republicans have for 35 years now. The only way you could tell you weren’t listening to, say, Mitt Romney, were all the calls to rip up our trade deals. But while the establishment might celebrate his lukewarm embrace, he ended up being just as disconnected from economic evidence as the GOP has been for years on questions of tax, regulation and economic growth.
The Republican Party, you see, keeps insisting that the only way to increase growth is to do what has not, in fact, increased growth the past 25 years. That’s freeing businesses and businessmen from overly burdensome taxes and regulation so they bless us with so much wealth-creation that some of it will trickle down to us plebes. The problem with that, though, is it didn’t work when George W. Bush tried it. The private sector, as you can see below, actually added fewer jobs after Bush cut taxes than it did after Bill Clinton and Barack Obama raised them.
It’s almost as if growth depends on a lot more than just marginal tax rates.
How do Republicans explain this? Easy: They don’t. They pretend that they never said Clinton’s tax hikes would “lead us to a recession,” like Newt Gingrich did in 1993. Or that the Bush tax cuts would supercharge the economy so much that they would pay off the entire national debt, like the Heritage Foundation did in 2001. Or that Obama’s plan to raise taxes on the rich was “killing the Dow,” like economist Michael Boskin did in 2009. The focus is always on …