Something Pat Toomey Said in 2001

The Heritage Foundation hosts a number of lectures each year. In 2001 one of their speakers was then Congressman Pat Toomey. "Tax Cuts: Bigger and Faster is Better" was the title of his talk.

And of course, there is the assumption that I mentioned earlier, the assumption that despite everything else being equal, tax relief will not generate greater economic output and there will be no robust growth in corresponding federal revenue feedback, and we know that's simply not true. It's also worth noting that even if we have a recession on the magnitude, say, of the recession we had in the early '90s -- the projected surplus would be diminished by only about 2.5 percent.

I'm no economist but he does not appear to have taken into account that the surplus could disappear into wars, and that much greater recessions were possible.

Toomey is now the Republican senatorial candidate in Pennsylvania.