Can't wait for another 4 years
Wake Up, America! Wake Up! PLEASE!!
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Why are we still pretending 'trickle-down' economics work?
Morris Pearl
Art Laffer, ‘godfather’ of supply-side economic theory, is going to be awarded a presidential medal. He doesn’t deserve it
Next Wednesday, Donald Trump will award the Presidential Medal of Freedom to the arch-conservative economist Art Laffer.
Sadly, Laffer’s career has been heavy on punditry, light in academic rigor, and absolutely destructive for the average American and the long-term health and sustainability of our economy.
A number of economists have already dismissed Laffer’s signature supply-side economics theory as pure nonsense. For his dubious role as the “godfather” of Reaganomics, Slate dubbed him World’s Worst Economist. He’s been called a key part of the “Intellectual Rot of the Republican Party”. Esquire suggested that Laffer’s turn as the architect of disastrous Brownback tax experiment in Kansas should hang “like a dead possum” around his neck for the rest of his days.
So why exactly is Trump awarding such a man with the nation’s highest civilian honor? Maybe it’s because he recently wrote a book, Trumponomics, praising the president’s economic agenda.
Most likely, it’s because Laffer’s theory just so happens to serve as the basis for every terrible tax cut that Trump and the Republican party have passed for decades.
It all began in 1974, when Laffer walked into a bar with Dick Cheney and Donald Rumsfeld, who were working for the Ford administration at the time. Out of it came the “Laffer curve,” a U-shaped graph illustrating the relationship between tax rates and revenue.
The ends of the curve are basic enough – at a tax rate of 0, the government will raise $0 in revenue, and at a tax rate of 100, the government will still raise $0 in revenue because people won’t work without take-home pay.
At the extremes, the Laffer curve is correct, but that doesn’t tell us anything about the points in the middle. Laffer’s idea, however, was that a “tipping point” existed on the continuum in between, where people’s incentives to work and invest decreased because tax rates were too onerous.
From Laffer’s graph, Republicans had the academic justification to justify slashing tax rates for corporations and the rich.
President Ronald Reagan adopted Laffer’s supply-side theory wholesale in his deregulatory and low-tax agenda. In the decades since, Laffer has clung to relevancy, appearing on cable news to vehemently defend the alleged benefits of slashing taxes, even when the evidence proved otherwise.
More recently, in Kansas, where an extreme version of Laffer’s theory was implemented and tax rates were cut by nearly a third, the state suffered one of the worst fiscal disasters in recent history.
The Laffer curve has done immense damage to the US economy in the 40 years since its inception. It also ignores a fundamental reality: tax cuts for the rich don’t work.
Each and every time state or federal governments have tested Laffer’s trickle-down theory, deficits balloon, rich folks hoard their wealth at the top, and average Americans suffer.
The greatest periods of growth in our country, such as the 1950s and 1990s, have coincided with decisions to raise taxes on wealthy individuals and corporations.
If we want to return to those periods of prosperity, instead of letting inequality continue to rise unchecked, we must demand our elected leaders acknowledge that trickle-down economic policies don’t work.
Modern-day Republicans seem to be hell-bent on perpetually ignoring basic economics in order to cut taxes for their rich friends, but that doesn’t mean the rest of us have to acquiesce.
Laffer is a man whose sole Medal of Freedom-worthy achievement appears to be uniting staunchly conservative and ardently progressive economists against him. It’s high time that we leave “Laffernomics”, and all the failed experiments it has inspired, to the footnotes of history books.
Morris Pearl is chair of Patriotic Millionaires, which focuses on promoting public policy solutions that encourage political equality, guarantee a sustaining wage for working Americans, and ensure that wealthy individuals and corporations pay their fair share of taxes. He previously was a managing director at BlackRock, one of the world’s largest investment firms.
Why are we still pretending 'trickle-down' economics work? | Morris Pearl
Art Laffer, ‘godfather’ of supply-side economic theory, is going to be awarded a presidential medal. He doesn’t deserve it
A bad gunslinger called Salty Sam was chasin' poor Sweet Sue
He trapped her in the old sawmill and said with an evil laugh,
"If you don't give me the deed to your ranch
I'll saw you all in half!"
And then he grabbed her (and then)
He tied her up (and then)
He turned on the bandsaw (and then, and then!)
And then along came Joe
Tall, thin Joe
Slow-walkin' Joe
Slow-talkin' Joe
Along came long, lean, lanky Joe
trump's demise will be Joe
Just to add a little light hearted, somewhat logical if you think it through, banter to this particular subject!Why are we still pretending 'trickle-down' economics work?
Morris Pearl
Art Laffer, ‘godfather’ of supply-side economic theory, is going to be awarded a presidential medal. He doesn’t deserve it
Next Wednesday, Donald Trump will award the Presidential Medal of Freedom to the arch-conservative economist Art Laffer.
Sadly, Laffer’s career has been heavy on punditry, light in academic rigor, and absolutely destructive for the average American and the long-term health and sustainability of our economy.
A number of economists have already dismissed Laffer’s signature supply-side economics theory as pure nonsense. For his dubious role as the “godfather” of Reaganomics, Slate dubbed him World’s Worst Economist. He’s been called a key part of the “Intellectual Rot of the Republican Party”. Esquire suggested that Laffer’s turn as the architect of disastrous Brownback tax experiment in Kansas should hang “like a dead possum” around his neck for the rest of his days.
So why exactly is Trump awarding such a man with the nation’s highest civilian honor? Maybe it’s because he recently wrote a book, Trumponomics, praising the president’s economic agenda.
Most likely, it’s because Laffer’s theory just so happens to serve as the basis for every terrible tax cut that Trump and the Republican party have passed for decades.
It all began in 1974, when Laffer walked into a bar with Dick Cheney and Donald Rumsfeld, who were working for the Ford administration at the time. Out of it came the “Laffer curve,” a U-shaped graph illustrating the relationship between tax rates and revenue.
The ends of the curve are basic enough – at a tax rate of 0, the government will raise $0 in revenue, and at a tax rate of 100, the government will still raise $0 in revenue because people won’t work without take-home pay.
At the extremes, the Laffer curve is correct, but that doesn’t tell us anything about the points in the middle. Laffer’s idea, however, was that a “tipping point” existed on the continuum in between, where people’s incentives to work and invest decreased because tax rates were too onerous.
From Laffer’s graph, Republicans had the academic justification to justify slashing tax rates for corporations and the rich.
President Ronald Reagan adopted Laffer’s supply-side theory wholesale in his deregulatory and low-tax agenda. In the decades since, Laffer has clung to relevancy, appearing on cable news to vehemently defend the alleged benefits of slashing taxes, even when the evidence proved otherwise.
More recently, in Kansas, where an extreme version of Laffer’s theory was implemented and tax rates were cut by nearly a third, the state suffered one of the worst fiscal disasters in recent history.
The Laffer curve has done immense damage to the US economy in the 40 years since its inception. It also ignores a fundamental reality: tax cuts for the rich don’t work.
Each and every time state or federal governments have tested Laffer’s trickle-down theory, deficits balloon, rich folks hoard their wealth at the top, and average Americans suffer.
The greatest periods of growth in our country, such as the 1950s and 1990s, have coincided with decisions to raise taxes on wealthy individuals and corporations.
If we want to return to those periods of prosperity, instead of letting inequality continue to rise unchecked, we must demand our elected leaders acknowledge that trickle-down economic policies don’t work.
Modern-day Republicans seem to be hell-bent on perpetually ignoring basic economics in order to cut taxes for their rich friends, but that doesn’t mean the rest of us have to acquiesce.
Laffer is a man whose sole Medal of Freedom-worthy achievement appears to be uniting staunchly conservative and ardently progressive economists against him. It’s high time that we leave “Laffernomics”, and all the failed experiments it has inspired, to the footnotes of history books.
Morris Pearl is chair of Patriotic Millionaires, which focuses on promoting public policy solutions that encourage political equality, guarantee a sustaining wage for working Americans, and ensure that wealthy individuals and corporations pay their fair share of taxes. He previously was a managing director at BlackRock, one of the world’s largest investment firms.
Why are we still pretending 'trickle-down' economics work? | Morris Pearl
Art Laffer, ‘godfather’ of supply-side economic theory, is going to be awarded a presidential medal. He doesn’t deserve itwww.theguardian.com
I just asked myself these few questions, in no particular order;
Why do we say "when the ******* grow up?
Why does the grass grow "up and NOT down"!
Why do tress grow "up and NOT down?
Why do buildings get built up and NOT down?
The sun comes up, followed, most often, by the moon comming up!
"Down" is where "Undertakers" love to go, 6 feet down in most, if not all, cases!
"Down" is where Reagan's Trickle-Down-Economics go!
I'd prefer to avoid the Undertakers love of going "down" but no less than I'd love to see the demise of Trickle-Down-Economics! Down is precisely where this economic philosophy belongs, deep, very deep, and never to be heard of again!
just pointing out his typical republican confusion.....most think laffer is the one who came up with trickle down...and the downfall of the country
... and hand grenades!
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By the time Trickle Down gets to the middle class, it turns YELLOW and is odorous.
FACT: This is a photo of the actual restaurant napkin that Supply Side was explained to Rumsfeld by Laffer. This is what Rumsfeld and Reagan "bought into" that become the Republican platform to this very day. Tax Cuts for the wealthiest income earners & corporations will NEVER pay for themselves ... too much greed in this old world.
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Republicans won't cut entitlements or other big spending commitments when they implement their TAX CUTS ... because they know they can't sell tax cuts that primarily impact the upper 2-3% if they cut entitlements on the poorest 50%. Even GH Bush called it what it was when Reagan was running on the "theory" ... he called it voodoo economics. Then, when Democrats take office and wish to REVERSE the "R" tax cuts to regain some revenue, Republicans start screaming that Democrats are RAISING YOUR TAXES again! Thus why we have a $21 trillion debt. Clinton proved you could raise taxes AND decrease deficit spending.
When Reagan gave his big tax cuts, he also turned around and implemented 12 different tax increases that primarily impacted the incomes of the poorest and the middleclass tax payers.
When Reagan gave his big tax cuts, he also turned around and implemented 12 different tax increases that primarily impacted the incomes of the poorest and the middleclass tax payers.
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Joe’s brain lately workin kinda slow :|
Well, Trump's brain must be slower than Joe's with that slow ass RESPONSE to the coronavirus! As a country, we are STILL behind especially when it comes to the testing phase! Trump's rating for his response to this pandemic is VERY low, yet has the nerve to get upset when he is criticized! How could he get upset when he's the one who FUCKED up the response to the virus? Now, at the LAST minute, Trump is trying to change his tune! *******, shawty, it's TOO late now!
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I have a question for all of you out there.
We all know that Jeffery Epstein was a sex offender. With a thing for under aged girls. That he died in jail awaiting trial.
The three big names you hear were his friends are a former American president who is a sex offender. An American president who has indicated that hid ******* is the type of lady he would date and Prince Andrew.
Yet it’s only Prince Andrew they want to Question. Why?
We all know that Jeffery Epstein was a sex offender. With a thing for under aged girls. That he died in jail awaiting trial.
The three big names you hear were his friends are a former American president who is a sex offender. An American president who has indicated that hid ******* is the type of lady he would date and Prince Andrew.
Yet it’s only Prince Andrew they want to Question. Why?
I have another question for all of you out there
Former President OBama has been reported following a porn star, worn writer, director, producer. It was also revealed that he followed 608,000 people
so who has the time to go thru all those names and cross reference them by name and occupation.
also who does President Trump Follow?
Former President OBama has been reported following a porn star, worn writer, director, producer. It was also revealed that he followed 608,000 people
so who has the time to go thru all those names and cross reference them by name and occupation.
also who does President Trump Follow?
republican publicity
UNFORTUNATELY "IDIOCY" HAS NO TERM LIMITS!!
Can't wait to do my part and vote him in again go Trump 2020
Is Trump Unfit for Office? The Constitution Says Yes
https://www.newsweek.com/trump-25th-amendment-constitution-750157
Is Trump Unfit for Office? The Constitution Says Yes. Robert Dallek On 12/16/17 at 6:00 AM EST A woman holds up a copy of the U.S. Constitution. ... Medicine aside, it is clear Trump is unfit to …
Doing my part to keep economy going heading to work. Just wondering anyone infected? Know someone infected? Know someone who knows someone infected?
yes....matter of fact I do know someone infected...…...allfor has been mindfucked
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