Opposition to tax cuts is one of the prime examples of conservative apostasy used by demagogues on the right to illustrate how this candidate or that is a Republican In Name Only (RINO). Rush Limbaugh in particular has frequently claimed that "tax cuts pay for themselves" in terms of economic growth. I've never cared enough before to look this up. I finally did.
The Center on Budget and Policy Priorities has very convincing data that show that Rush is completely wrong.
(E)conomists from across the political spectrum — including economists who have held top positions in the current Administration — reject the argument that tax cuts pay for themselves. In tax policy, as in other aspects of policymaking, there is no “free lunch.”Here's a cute headline within that article for all you RINO hunters out there: "Treasury Department Study Finds the Bush Tax Cuts Will Pay For Less Than 10 Percent of Their Cost."
I'm not going to bore you with further quotes from the article, but suffice it to say that it convinced me of something I had felt for quite some time.
So what does it mean? Well, it means that if you're running a deficit, cutting taxes is essentially taking out a bigger loan to hand everybody cash. Kind of like going to one of these places.
Update: Here's a nice, succinct quote from that article for all you RINO hunters. "(I)n the long run, the deficits that result from unpaid-for tax cuts constitute a drag on the economy because they lower national savings." In part, that's because you're not just having to make up the cost of the tax cut, you're also having to make up the interest you pay on the loan.
Update 2: Lest you think I'm leaning towards the Democrats, read this and then take a look at either Hillary's or Obama's health care proposals. The only group that makes the Republicans look fiscally responsible are the Democrats.