A “bipartisan” task force recently unveiled a budget plan that includes lots of tax increases, but also has a one-year payroll tax holiday supposedly designed to boost the economy. In a debate with a former Bush Administration appointee on CNBC, I explain why this is a dumb way to try to boost growth. My Lima-beans-in-a-steakhouse analogy hopefully gets the point across, though the line about supermodels will get more attention.
