Yes, the former mayor is that far gone.

Remember when Rudy Giuliani made the off-the-reservation loony claim that if we were to cut taxes, we would have to fix the resulting hole in the budget by balancing it out with more tax cuts? Everyone assumed Giuliani had misspoken. When he insisted he meant what he said, everyone assumed it was just gratuitous, empty pandering to the economic right. As Avi Zenilman found out, even conservative economists are unwilling to associate themselves with this sort of lunacy. But now it turns out Giuliani has actually proposed a tax plan that, indeed, seems to balance out tax cuts with more tax cuts.

Kevin Drum fleshes out some of the key details:

Take that, Huckabee! You say your plan is big? Well, according to an expert that Townhall blogger Matt Lewis talked to, "This plan would be huge." How huge? "It would be 4% of GDP. By comparison, GWB tax cut was 1.3% of GDP. Reagan's was 1.9% of GDP." Twice the size of Reagan's! Three times the size of Bush's! And deficits? No worries. These babies will pay for themselves! Oh, and just in case you haven't figured this out yet, all six of Giuliani's tax cuts are aimed at people who already have lots and lots of money. But you knew that, right?

Raise your hand if you're surprised.