Les Jones has the quote of the day:
The results of this more reliable test indicate that tax changes have very large effects: an exogenous tax increase of 1 percent of GDP lowers real GDP by roughly 2 to 3 percent.
Basically, if you raise taxes, you decrease tax revenue – not a hard concept to understand, so long as you are not a big-government-loving, nanny-state-encouraging, anti-capitalist nitwit.
The real kicker, though, is the identity of the person who wrote that quote… who happens to be Christina Romer – the chair of President Barack Hussein Obama’s Council of Economic Advisors.
Funny… her boss did not seem to get the memo.
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