Our Fearless Leader at Equitable Growth on the very sad, very depressing story of Arthur Laffer. "Charlatans and cranks" was what George W. Bush's chief economist Greg Mankiw called him and his ilk. And Laffer's early promoter Irving Kristol, later half-apologized for his "rather cavalier attitude" toward whether Laffer actually knew what he was talking aboug: "The task, as I saw it, was to create a new majority, which evidently would mean a conservative majority, which came to mean, in turn, a Republican majority-so political effectiveness was the priority, not the accounting deficiencies of government":

Heather Boushey: "A few thoughts on Arthur Laffer’s legacy:: "Laffer promoted a set of ideas to policymakers that promised to deliver a more fulsome American Dream, even though they were not grounded in empirical evidence. Time and again, we’ve seen that Laffer’s hypothesis that tax cuts will lead to an amount of growth that would make up for lost revenue and improve economic well-being broadly is false.... Research undermines the contention since the 1970s that lower rates stimulate the economy. What they seem to do instead is increase inequality. Millions of families have felt the effects of stalled incomes and cutbacks in much-needed government services, including education.... Former Kansas Gov. Sam Brownback, a proponent of Laffer’s ideas, admitted that putting his supply-side tax cut plan in place would be ‘a real live experiment’, one that failed so spectacularly his Republican legislature overrode his veto...


#noted

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