Tax Cut Skepticism

Plenty of people, myself included, have been skeptical of this administration's tax cuts. But I don't think anyone has so succintly explained why as Brad Delong did today, in a post about conservative reevaluations of Clinton's economic legacy:

[C]an we please please please please please please PLEASE!! stop talking about Bush's "tax cuts." There are no tax cuts. There's a tax shift--current taxpayers pay less, and future taxpayers pay more. Only by pretending that nobody has to service and amortize the growing federal debt can you talk about Bush's "tax cuts." They aren't there, any more than a $5,000 increase in your VISA limit is an increase in your income.

Good point.