NYT Gets a Bit Giddy Over Tax Reform

Most economists would probably agree that a tax reform that cleaned up loopholes could provide a boost to growth. Most would probably also agree that the 1986 tax reform was more good than bad in this respect. (Lowering the top individual tax rate to 28 percent would fall in the "bad" category for many of us.) But it is unlikely that many would endorse the claim in James B. Stewart's column that after the tax reform:

"The economy (and the stock market) soared."

This one is clearly wrong. Gr...