The Republican Party's Tax Wager Is Worth the Gamble

Washington — The Republicans' tax legislation is built on economic projections that are as confidently as they are cheerfully made concerning the legislation's shaping effect on the economy over the next ten years. This claim to prescience must amaze alumni of Bear Stearns and Lehman Brothers, which were 85 and 158 years old, respectively, when they expired less than 10 years ago in the unanticipated Great Recession. The predictions of GDP and revenue growth assume, among many other things, continuation of the current expansion ...