Gilded America

The really great thing about modern America in this Golden Gilded Age is that there is never any consequence for being wrong.

When Reagan raised taxes, Gingrich, the WSJ editorial page, and conservative activists thought it would produce awful results. It didn't. When Clinton raised taxes, the same motley crew raised the same dire warnings about recessions and unemployment. They were wrong again. When Bush cut taxes, these same observers predicted robust economic growth and balanced budgets for years to come. That ... how do I put this gently ... didn't quite work out.

And now, here we are again, with Obama presenting an ambitious economic plan, some of which includes targeted tax increases. And wouldn't you know it, Gingrich, the WSJ editorial page, conservative activists everywhere, and a handful of useless Democrats are complaining about the dire consequences of modest tax increases.

One would like to think that being wrong, over and over again, about the exact same issue, might lead some of these characters to back off. Likewise, one might also like to think that major news outlets, recognizing how wrong these folks have been for the last few decades, might stop taking their prognostications seriously. Alas, this is not the case.