Remember When Conservatives Used to Mock Industrial Policy?


In the late Robert Novak's autobiography, The Prince of Darkness, the great conservative columnist recalled how he was a Democrat in the 1960s. As many readers know, the Democrats were the party of tax cuts back then, while Republicans fought to maintain headline rates of 90% given their naïve belief in “balanced budgets.” Someone of limited knowledge convinced them that budgets in balance correlated with limited government. Some conservatives support that which has nothing to with limited government to this day.

But that's a digression. The main thing is that Democrats used to be for tax cuts. Larry Kudlow and Brian Domitovic even wrote a book about how the Kennedy/Johnson tax cuts of the 1960s came to be. To this day, conservatives occasionally lament how different the Democrats are today. They almost uniformly shun tax cuts. Remember when they cheered them? Goodness, it was a Democrat-led House of Representatives that passed the Reagan tax reductions of the early 1980s…

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