Deficits: It's What's for Dinner

from The New York Times

What we've just seen is as clear a test of trickledown economics as we're ever likely to get. Twice, in 2001 and in 2003, the administration insisted that a tax cut heavily tilted toward the affluent was just what the economy needed. Officials brushed aside pleas to give relief instead to lower- and middle-income families, who would be more likely to spend the money, and to cash-strapped state and local governments. Given the actual results--huge deficits, but minimal job growth--don't you wish the administration had listened to that advice?

- Paul Krugman