Wednesday, January 7, 2015
Dynamic scoring and voodoo economics
Thom Hartmann predicted it and it's come true. One of the first acts of the new House was to change the rule on how the Congressional Budget Office (CBO) scores budget proposals. Up until now the non-partisan CBO would make projections on how proposed policy would effect the economy, using tried and true methods that pretty much everyone agreed were accurate. But not the ideological regressives attached to voodoo trickle-down economics, whose false idol has always been that tax cuts on the rich, while reducing government revenue, will generate business investment and job growth. Never mind that it never has and never will; they still believe in this shibboleth despite all evidence to the contrary. So dynamic scoring builds this supposed increased job growth and the theoretical tax revenue into the CBO projections, thereby hiding the actual government deficits caused by the reduced tax revenue from tax cuts up front. It's voodoo math in support of voodoo economics.