When you have one of the best known conservative writers on economics go after the standard GOP talking points that we need more tax cuts for the rich, you know that the right is in trouble.
On Bill O'Reilly, Ben Stein did just that:
Dave Edwards offers this awesome outtake from this confrontation:
O’Reilly went on to argue that raising taxes on the rich would make the recession worse.
“That isn’t true,” Stein said. “There is no correlation, Mr. O’Reilly, between taxes rates on millionaires and people above that level, billionaires, and the growth of the economy… Higher taxes have historically correlated with more growth.”
“Mr. O’Reilly, sir, there is no correlation of raising taxes and unemployment,” he added later. “If you can show it to me, I’ll eat your shoe.”
And Ben Stein is right in this argument. Let's go back to 1982. Ronald Reagan was in the White House, his historic tax cuts only on the books for a couple of years and a recession hitting the country. What did Reagan do? Let's ask David Stockman: