By Dale Bowling
“Truthiness” refers to something that is not actually true, but feels like it should be true.
Here’s an example: It seems like it should be true that if top earners pay less in taxes, they invest in businesses which create jobs. That would be “truthiness”.
Of course, we had the biggest tax cuts in American history under George W. Bush and we’re still waiting on those jobs - which would be an example of “truth”.
Notice the difference? “Truthiness” feels like it should have happened, “truth” actually did.
Republicans say they will cut spending, lower taxes, tackle the deficit and create millions of jobs. But lower taxes mean either government downsizing (which fuels unemployment ) or borrowing money (which would further add to the deficit).
Tough situation, right?
Here’s where Republican truthiness comes to the rescue - reduced taxes on top earners feels like it should produce increased investment in businesses and this feels like it should create jobs (the Rich will momentarily forget Demand drives both investment and job growth). Employed people probably won’t need big budgets anymore, which seems like it should reduce the deficit.
So truthiness dictates that firing more government workers and cutting taxes on rich people will solve it all. Somewhere, Ayn Rand is smiling.
The truth? GOP 2013 looks remarkably like Bush era economics. Republicans feel like it should work this time.