A parody of supply-side economics is “any tax cut at all stimulates the economy.” As far as I’m aware, no one important has ever actually said that. A supply-side economist would say that tax cuts must be crafted to encourage work, investment, and entrepreneurship. Lower marginal income tax rates and lower capital gains taxes fit the bill.
A comparable parody of liberal economics would be “any government spending at all stimulates the economy.” That is equally foolish, but at least one person has said it. President Obama:
So then you get the argument, well, this is not a stimulus bill, this is a spending bill. What do you think a stimulus is? (Laughter and applause.) That’s the whole point. No, seriously. (Laughter.) That’s the point. (Applause.)
(Via Power Line.)
It’s right there in black and white: any spending is stimulus.
POSTSCRIPT: Closer to the truth would be “no government stimulus at all stimulates the economy.” Economist Robert Barro has calculated the so-called multiplier to be “insignificantly different from zero.”
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