On the surface, it’s pretty miraculous for a Republican to acknowledge that spending cuts hurt economic growth.
During an event in Michigan today, GOP presidential hopeful Mitt Romney — in response to a question about the Simpson-Bowles fiscal commission — admitted that budget cuts slow down economic growth. “If you just cut, if all you’re thinking about doing is cutting spending, why as you cut spending you’ll slow down the economy,” he said.
But his logic falls apart between the lines. He’s actually making a case for spending cuts AND tax cuts. As we know, such a plan would hurt economic growth, increase the deficit and, well, not much else other than making rich people richer.