Matthew O'Brien Schools Republican Economist Glenn Hubbard...
David Warsh Corrects Gordon Krovitz and Tyler Cowen Brian Carnell on the Record as to the Origins of the Internet

And Ezra Klein Takes Mitt Romney--and His Validating Economic Advisors Hassett, Hubbard, Mankiw, and Taylor--to School...

Ezra Klein:

Romney tax plan on table. Debt collapses table.: Romney is afraid to put his plan on the table. He has promised to reduce the deficit, but refused to identify the spending he would cut. He has promised to reform the tax code, but refused to identify the deductions and loopholes he would eliminate…. The Tax Policy Center… did what he hasn’t done: They put his plan on the table… under the most favorable conditions… happen to be wildly unrealistic…. The numbers never worked out. No matter how hard the Tax Policy Center labored to make Romney’s promises add up, every simulation ended the same way: with a tax increase on the middle class….

The Romney campaign offered two responses to the Tax Policy Center’s analysis, one more misleading than the other. First, the campaign called the analysis “just another biased study from a former Obama staffer.” That jab refers to Adam Looney, one of the study’s three co-authors, who served in a staff role on the White House Council of Economic Advisers under President Barack Obama. But the Tax Policy Center is directed by Donald Marron, who was one of the principals on George W. Bush’s Council of Economic Advisers. Calling the Tax Policy Center biased simply isn’t credible….

Then the Romney campaign said, “The study ignores the positive benefits to economic growth from both the corporate tax plan and the deficit reduction called for in the Romney plan.” There’s a reason the study ignores those “positive benefits”: Romney has called for a revenue-neutral corporate tax plan that brings the rate down from 35 percent to 25 percent while also promising to balance the budget. He has not said how he will achieve either goal. Until he does, those positive benefits — if they exist — are impossible to calculate….

The Romney campaign has not provided good answers to the questions raised by its own math. But we already knew the Romney campaign didn’t have good answers. If Romney had good answers, he would have made good on his rhetoric and put his plans on the table…. This is not a surprise. Even some Republican policy experts admit in private that Romney’s promises simply don’t add up. To twist Abraham Lincoln’s famous formulation, the Romney campaign has decided it’s better to remain silent and be thought evasive than to reveal your plan and remove all doubt…

Comments