I absolutely agree that tax cuts are the policy glue that binds GOP. But this one is new. Reagan cuts were supposed to end stagflation. Bush 1 was to return part of surplus. Bush 2 was to jolt post 9/11 economy. Trump cuts come w/ rising deficits, strong economy.
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Rationales for this + Bush 2 strike me as basically the same. Economy is in disappointing recovery; they say this will supercharge. Debt is rising; they say this won’t exacerbate.
True, but Bush 2 was much smaller & GOP was mindful of deficit impacts. Much of the package was merely accelerating phase-ins of Bush 1 income tax cuts, so minimal long-term deficit consequences.
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The biggest problem is that there are no metrics to judge whether the cuts are effective. With economy already long into cyclical bull, all it has to do is keep going up for GOP to claim success.
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The Bush administration's rationale for Bush 2, as famously articulated by Dick Cheney, was that "deficits don't matter." And it was heavily focused on tax cuts designed to spur investment. It really was conceptually similar.
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