No, the Reagan Tax Cuts Did Not Pay for Themselves...

Paul Krugman:

Carter, Reagan, Revenue: One common reaction of conservatives, when you point out that the experience of the last 20 years offers zero support for the idea that tax cuts pay for themselves, is to start shouting “Jimmy Carter! Reagan! Supply side roolz!” So I thought it might be worth presenting a bit of evidence from an earlier 20-year stretch. Here’s real federal revenue, in 2005 dollars, from 1970 to 1990. I’ve plotted the log.... [T:]he Carter years, contrary to legend...