How can an economic theory that has never worked still be treated as gospel?
“Laffer “plays a kind of P.T. Barnum of economics,” said Robert Reich, President Bill Clinton’s labor secretary. “Washington loves big personalities with wild ideas that save rich people money.””
““A charlatan who claims to be an economist,” is how former Reagan budget adviser David Stockman described Laffer in a 2013 CSPAN interview.”
“A “preposterous theory,” Steven Rattner, a former Treasury official under President Barack Obama, wrote in a 2019 New York Times essay, referring to Laffer’s idea that cutting taxes increases revenue.”
Medicynical Note: Why does this ridiculous concept still exist? Why did this clown get a presidential medal (sic degraded because it was from Trump)? Because…… Laffer’s plan conforms to republican orthodoxy in that it supports tax cuts for the wealthy. Fox News has been on board since the beginning because……well you know……facts don’t exist there.
The fact that deficits always grow after Laffer tax cuts is overlooked and blamed, you know, on the other guys.
We’ve been a country running on propaganda and lies since the Reagan era. It’s happening again and those predicting disaster may well be right as Republicans look ready to return to majorities (I hope I’m wrong) in congress. Vance Packard is turning over in his grave.