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Latest Rudy follies

By Daniel Shaviro

Our boy has apparently decided that the way to get back in the Republican race is to offer the biggest, most pandering tax cut of all. An unnamed fiscal policy expert has been quoted in blogs elsewhere as saying that Rudy's tax cut package is "huge," about 4 percent of GDP, or more than twice the size of the Reagan or Bush tax cuts.

Since the present value of all future US GDP under current projections is probably a bit over $800 trillion, this implies that the Rudy tax cuts would add more than $30 trillion to the fiscal gap. This is about 50 percent bigger than Medicare prescription drugs and 3 times bigger than the Social Security shortfall.

Full post as published by Start Making Sense on January 11, 2008 (boomark / email).