As a young New York Times reporter nearly four decades ago, I helped chronicle the rollout of what proved to be among our country's greatest economic follies — the alchemistic belief that huge tax cuts can pay for themselves by unleashing faster economic growth.
Buoyed by this idea, Congress passed the largest tax reductions in history just seven months after Ronald Reagan's inauguration. I was deeply skeptical of the illogical notion that tax cuts could somehow pay for themselves, so much so that I was attacked by name on the Wall Street Journal op-ed page. That, in turn, caused consternation among my editors in an era when reporting was meant to be less analytical.
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