Stating the Obvious
By Paul Krugman
The New York Times
2 June 2003

The lunatics are now in charge of the asylum."
So wrote the normally staid Financial Times, traditionally the voice of solid British business opinion, when surveying last week's tax bill.

Indeed, the legislation is doubly absurd: the gimmicks used to make an $800-billion-plus tax cut carry an official price tag of only $320 billion are a joke, yet the cost without the gimmicks is so large that the nation can't possibly afford it while keeping its other promises...

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