FOR SEVERAL weeks, we’ve been asking Republican presidential nominee Mitt Romney to explain how he can cut taxes, as promised, without adding to the nation’s debt, as also promised. Now he’s effectively let the cat out of the bag: He can’t.
“On Friday, ABC’s George Stephanopoulos put the question to the candidate. “No, middle income is $200,000 to $250,000 and less,” Mr. Romney replied. But then, the Harvard study shows, the math can’t work. His answer? “The biggest source of getting the country to a balanced budget is not by raising taxes or by cutting spending,” he said. “It’s by encouraging the growth of the economy.” In other words, we are back to counting on magic — to “dynamic scoring,” the voodoo economics of the Reagan era, the wishful thinking of President George W. Bush’s 2001 and 2003 tax cuts that helped turn a surplus into the deficit now weighing the nation’s economy. Cut taxes and hope the economy grows faster than predicted. At a time when the nation is already on course to build up a debt so large that interest payments alone will begin to drown us, Mr. Romney wants to reduce taxes further, with — it now appears — no plan to make up the difference.
“It almost takes your breath away.”
There’s a reason Romney wants to double-down on the failed economic policies of Reagan and GWB: