In 2007, the Bush administration pointed to the very long period of sustained growth, both of those in GDP As well as in overall job quantities and will increase in private cash flow and decreases in The federal government deficit.
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Nobel laureate economist Milton Friedman agreed the tax cuts would scale back tax revenues and lead to intolerable deficits, however he supported them as a means to restrain federal expending.[fifty six] Friedman characterized the lessened govt tax earnings as "chopping their allowance".
^ "An evaluation with special info the economic research on the results of elevating normal earnings tax costs: Better revenue, unchanged growth, and unsure but potentially large reductions in The expansion of inequality". EPI.
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