Tiger >
I'm glad you bring up the Reagan tax cut
In 1982 (first year after the tax cuts), the economy shrank with 2.2% (the worst since the Great Depression).
Reagan's first deficit was $128 billion. His second was $208 billion. When Bush I took over, it was at $290 billion...
Next: national debt. Carter left Reagan with $994 billion in national debt. By the time Bush left office, it had gone up to $4.3 trillion. It took 200 years for the national debt to reach $1 trillion. In the next 12 years, it quadrupled.

That's the effect of a tax cut.

Einstein once said that insanity is doing the same thing over and over again, but expecting different results.

So, we've had Reagan and his tax cut, and the disastrous consequences. We've had Bush I who was left with that nice legacy. Next: Clinton.
Clinton must have listened to Einstein, and raised taxes on the wealthy. The result: between 1992 and 2000, 18 million new jobs were created (the highest level ever). Inflation dropped to 2.5% per year (4.7% average for the previous 12 years). Real interest rates dropped (by over 40%), economy grew by 4% (2.8% over the previous 12 years).
And more important: the giant deficit was actually turned into a surplus. Those surpluses where then used to pay down the national debt.

And look what option Bush is taking. The same scenario is playing again: 2.7 million jobs were lost since Bush took office (worst since the Great Depression... sounds familiar?).
Next: the deficit: Clinton left Bush with a $127 billion surplus. Bush managed to turn that into a $158 billion deficit in his first year ($400 billion in his second).

We've seen it all before, Tiger. And the facts are there to support it. Too bad Bush won't listen to Einstein.

Edit: Pwaring: 500 billion, not million
And the national debt is at $7,012,281,097,621 right now. That's 7 trillion