Why the next four years would be different

because the next four years would not start with the economy in free-fall

If only Obama

From the transcript, about a quarter of the way through the Presidential debate October 3rd:

MR. ROMNEY: Number two, let's look at history. My plan is not like anything that's been tried before. My plan is to bring down rates but also bring down deductions and exemptions and credits at the same time so the revenue stays in, but that we bring down rates to get more people working.

 

If only Obama had pointed out that Romney's plan to "bring down rates to get more people working" HAS in fact been tried before. Regan tried it (remember the 'Laffer curve'?) and Bush tried it. They have also tried it in recent years in Britain and elsewhere.

Every time it has been tried, the policy of cutting taxes or tax rates has resulted in ballooning deficits.  Even when accompanied by savagely reduced government spending, as in Britain, reducing taxes DOES NOT result in compensating higher growth of the economy. This is supply-side "fairy dust" and it does not work.

If the new wrinkle is that the existing "revenue stays in" then how, exactly, is that supposed to put more money in people's pockets to create the predicted economic growth? How does that "get more people working"? It doesn't !
 
How can you cut rates by 20 percent and keep the same revenue anyway? Eliminating deductions can't do it. There simply are not enough deductions available to compensate for a 20 percent drop. Deficits increase,  rolling into an INCREASINGLY inflated debt.