The most important thing to understand is that certain policies such as the Reagan tax cut in 1981 - which I supported and continue to support - were the right thing to do at that time under those economic conditions. (But) Republicans keep acting as if it's always 1980 with exactly those particular problems and they simply refuse to acknowledge that anything has changed in the last thirty years and I think the basic problem with the economy today is a lack of aggregate demand and I just don't see any way of increasing that through the sorts of tax policies that (current Republican presidential candidates) are talking about.
That was the analysis of Bruce Bartlett, Fmr. Deputy Assistant Treasury Secretary under George H.W. Bush (amongst other credentials), as stated on last night's Last Word with Lawrence O'Donnell.
Well said, sir.
* see also Paul O'Neill and David Stockman.
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