Bob Lord's and Sam Pizzigati's analysis should form the conclusion of any study of the effects of supply-side economic policy since the time of Ronald Reagan. The evidence is in: Tax cuts do not pay for themselves and they are a poor strategy for growing our economy. At the end of 2012, the deficit topped $1 trillion, and in March, the government began implementing $85 billion in spending cuts.
With regard to these cuts, Lord and Pizzigati omit a critical point: Back-door taxes in the form of fees have skyrocketed while the quality and quantity of public goods and services has plummeted.
We are sowing the seeds of a crisis instead of planting the seeds of progress. Pruning the deficit with spending cuts instead of paying more taxes is a Pyrrhic victory.