The Wall Street Journal editorial page today, having previously recognized the hopeless lack of leverage in budget negotiations, takes to pleading with President Obama not to raise taxes because it will harm growth. The editorial is accompanied by this helpful chart showing what the Journal editorial considers some important historical lessons of recent two-term presidents. Look at the chart very closely:
No George W. Bush! Possibly there wasn’t enough room. Or possibly the lesson of the most recent former president, whose tax cuts are set to expire and who presided over poor economic growth, might not offer the lesson the Journal editorial page is seeking to convey.