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January 26, 2005

Just How Stupid Is the Wall Street Journal's Editorial Page?

Paul Krugman drops Josh Micah Marshall a note:

Talking Points Memo: by Joshua Micah Marshall: January 23, 2005 - January 29, 2005 Archives:

A note from TPM reader Paul Krugman ...

Today's WSJ lead editorial is a classic. It's titled "All you need to know", and shows the CBO projection of declining deficits and stable debt. What they either don't know or believe readers don't know is that this is the *baseline* projection, which assumes that the sunset clauses in the tax cuts actually go into effect, with the whole thing expiring at the end of 2010 (which is halfway through fiscal 2011, in their chart.) It also assumes that nothing is done to reform the alternative minimum tax, which amounts to a stealth tax increase. So what they've proved is that the tax cuts are affordable as long as they go away ...

I say that man deserves a Special Edition Privatize This! TPM T-Shirt!

Do they not know that the CBO baseline projection assumes the expiration of the Bush tax cuts? Do they have so much contempt for their readers that they bet their readers won't notice? If they had any credibility, this would be a way to burn it to the ground.

Posted by DeLong at January 26, 2005 12:32 PM