In The Long Run…

Cato’s Chris Edwards offers his proposal for warding off depression: “What Obama should do is a pass a large corporate tax rate cut, which would spur long-run growth.” Yes, neo-Hooverism taken to new and exciting heights allowing everyone to dust off the Keynes line about how in the long-run we’re all dead in an appropriate context. Long-run growth is important, but it’s not going to be worth anything unless we get out of the downward spiral that’s facing us immediately.

Meanwhile, what we actually need is corporate tax reform — close loopholes, grow the tax base, and lower the tax rate.