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Oct 20 2017 06:39am
An interesting read on this Laffer fellow - guy's a nutjob if he seriously believes what he says. It's crazy that this nut's ideas form the core of serious economic policies :wacko:

https://newrepublic.com/article/145331/art-laffer-intellectual-rot-republican-party

Quote
Laffer’s theory originally took root, though, because he “voiced a message that the president liked to hear.” The same is true today, as Trump’s tweets on Monday attest, but it’s also a message that Republican leaders in Congress like to hear; they’re all behind the tax reform plan unveiled last month, which is nothing if not a paean to supply-side economics. As Paul Krugman notes, “The main elements of the plan are a cut in top individual tax rates; a cut in corporate taxes; an end to the estate tax; and the creation of a big new loophole that will allow wealthy individuals to pretend that they are small businesses, and get a preferential tax rate. All of these overwhelmingly benefit the wealthy, mainly the top 1 percent.” Laffer is enthusiastic about the plan, since it would lower marginal rates for the economic elite—though Laffer, like most Republicans, denies that the cuts would only benefit the rich. “I think it’s trying to make everyone millionaires, billionaires, and trillionaires,” he told Al Jazeera last month. “This is a plan to get everyone to economic growth and give everyone a shot at the apple.”
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Oct 20 2017 06:43am
Quote (duffman316 @ 20 Oct 2017 12:39)
An interesting read on this Laffer fellow - guy's a nutjob if he seriously believes what he says. It's crazy that this nut's ideas form the core of serious economic policies :wacko:

https://newrepublic.com/article/145331/art-laffer-intellectual-rot-republican-party


What happens when governments are populated by the most popular and not the most qualified.

I keep saying it - we need to get rid of this current form of democracy. It doesn't work. When idiots can vote idiots can rule.
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Oct 20 2017 07:09am
just wait until endlesscry sees this, he has some amazing insight into this topic like:

Quote (EndlessSky @ 29 Sep 2017 00:35)
The laffer curve nearly always lowers the deficit.


Quote (EndlessSky @ 30 Sep 2017 17:43)
Revenue is higher when taxes are lower because more taxable business happens. Read about the laffer curve for more.


just don't mention kansas...
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Oct 20 2017 08:54am
The laffer curve assumes we arent already in debt. Lower tax rate wont help until we abolish Social Security and Medicare

Im glad were finally having discussions about economic theory

For a while I thought we were going to get stuck in LOL DRumpf limbo led by saucy and fendie

This post was edited by EndlessSky on Oct 20 2017 08:54am
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Oct 20 2017 08:57am
Quote (EndlessSky @ Oct 20 2017 10:54am)
The laffer curve assumes we arent already in debt. Lower tax rate wont help until we abolish Social Security and Medicare

Im glad were finally having discussions about economic theory

For a while I thought we were going to get stuck in LOL DRumpf limbo led by saucy and fendie



The laffer curve also applies differently for different types of taxes. Lower corporate tax would make the most sense. Lower income tax is less certain
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Oct 20 2017 09:09am
Quote (EndlessSky @ Oct 20 2017 09:54am)
The laffer curve assumes we arent already in debt. Lower tax rate wont help until we abolish Social Security and Medicare

Im glad were finally having discussions about economic theory

For a while I thought we were going to get stuck in LOL DRumpf limbo led by saucy and fendie


i'm not an expert on economic matters (really wish we still had wakerskater here) so i tend to defer to the expertise of the experts and it seems like laffers theories didn't hold up well to review by his peers? it's considered overly simplistic from what im reading
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Oct 20 2017 09:25am
Quote (duffman316 @ Oct 20 2017 11:09am)
i'm not an expert on economic matters (really wish we still had wakerskater here) so i tend to defer to the expertise of the experts and it seems like laffers theories didn't hold up well to review by his peers? it's considered overly simplistic from what im reading



90% of academia is Liberal Democrat. He would never get a fair shake today. The theory has to be judged in a subjective manner also since economics is a social science

The biggest comparison were taxcuts under reagan. The cuts increased revenue but reagan also increased government spending even more so it looked like the opposite
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Oct 20 2017 09:26am
Quote (duffman316 @ Oct 20 2017 08:09am)
i'm not an expert on economic matters (really wish we still had wakerskater here) so i tend to defer to the expertise of the experts and it seems like laffers theories didn't hold up well to review by his peers? it's considered overly simplistic from what im reading


No single economic model or theory is considered "best". You're looking at the one camp that has a negative view on supply side economics and calling them his "peers" meanwhile the other economists you simply ignore. The author is less than objective, cherry picking quotes and saying "economists believe this" is disingenuous because he's just quoting people that support his confirmation bias.

And lol at him attributing the success of Clinton to increasing taxes. What a simplistic way to view things. There's so many other variables like free trade & modernization, not engaging in costly wars that he simply ignores because after all "Clinton was great success because he increased taxes! hurr durr"
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Oct 20 2017 09:27am
Quote (EndlessSky @ Oct 20 2017 08:54am)
The laffer curve assumes we arent already in debt. Lower tax rate wont help until we abolish Social Security and Medicare

Im glad were finally having discussions about economic theory

For a while I thought we were going to get stuck in LOL DRumpf limbo led by saucy and fendie


The laffer curve assumes no such thing.

Quote (EndlessSky @ Oct 20 2017 09:25am)
90% of academia is Liberal Democrat. He would never get a fair shake today. The theory has to be judged in a subjective manner also since economics is a social science

The biggest comparison were taxcuts under reagan. The cuts increased revenue but reagan also increased government spending even more so it looked like the opposite


Economics departments have actually been all but bought wholesale by corporate interests, especially the Kochs.

Your paranoia about liberals in college is unfounded for every department, but the exact opposite for economics.
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Oct 20 2017 09:48am
Quote (Thor123422 @ Oct 20 2017 11:27am)
The laffer curve assumes no such thing.



Economics departments have actually been all but bought wholesale by corporate interests, especially the Kochs.

Your paranoia about liberals in college is unfounded for every department, but the exact opposite for economics.



Youre trying to tell me that an Al Jazeera interview isnt atrongly liberal biased?
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