Friday, July 8, 2011

Ezra Klein reminds us of some "deficit reduction and tax history"

Ezra Klein over at the Washington Post (see here) has a useful graph illustrating the deficit reduction deals that were passed under Presidents Reagan, H. W. Bush, Clinton, and Obama (proposed).  His graph is shown below (click to enlarge).

Klein says,

As you can see on the graph, in each case, taxes were at least a third of the total, and in Reagan’s case, his massive tax cuts were followed by deficit-reduction deals that actually relied on tax increases. Today, tea party conservatives would be begging Sen. Jim DeMint to primary the Gipper. 

Jared Bernstein also looked at the data and has a similar analysis (see here).

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