OC: Overhyped curve.
It's real, but we're nowhere near the part of the curve where one can increase government revenues by cutting taxes. Not even the Reagan-era cuts did that.\Arguably, the Kennedy-era cuts may have done that, but at this point it's just technobabble used by so-called conservatives to provide an invalid justification for the self-serving tax cuts they want.
Revenues in the 1980s grew nearly at the same rate in the 1980s as they did in the 1990s . The large deficits were due to the loss of revenue in the first couple years after the initial tax cut and large spending increases in defense. After 1984 the tax cuts no longer were a problem, and by then most of the deficit was due to increases in defense spending.
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