And now, a bit of history: How many of you know who Arthur Laffer is? Anyone…anyone? Bueller? Bueller? Where is Ferris Bueller?
Arthur Laffer is the hack economist (and I use the term “hack” for good reason) who theorized–on a napkin no less–that you can drastically cut taxes and yet see tax revenues increase while doing so. Yes, this is indeed trickle-down economics, and it doesn’t work. Never has, never going to. End of debate.
Professsor Laffer developed what is known as the Laffer Curve, and if you’re as number-challenged as I am, this video will help explain it less than three minutes. Observe the magic of the Laffer Curve:
When placed into practice within an economic system such as the one in the United States, the Laffer plan does indeed reduce the tax rate, but it most certainly does not increase revenues. So you get the massive deficits we saw from the two terms of the Reagan Administration. Reagan was the first President dense enough to think Laffer’s bullcrap made sense.
So why in the world would such a man still be trying to predict the future? Perhaps because no one is asking him for economic advice.
Laffer appeared on a New York radio station recently and did his impersonation of Nostradamus, proclaiming thusly about the 2016 presidential race:
I would be surprised if the Republicans don’t take 45, 46, 47 states out of the 50.
What in the heck has this guy been smoking?! Did he just return from a trip to Colorado?
The good professor also said it doesn’t even matter who the GOP nominates:
I mean, I think we’re going to landslide this election. When I look at these candidates, I don’t see one of them who wouldn’t do a great job as president.
Wait, it gets even better when Laffer tries his hand at specifics:
I think Donald Trump is phenomenal, I think Rand Paul has done a great job, I even like Jeb Bush — I think Jeb Bush is great, he did a wonderful job in Florida. Chris Christie – phenomenal.
Laffer even decided to take some cheap shots at Hillary Clinton, saying that her “day is over,” and then trying to walk some of that back by adding:
I think she’s a very impressive person, she’s very articulate, very well-educated, got a great resume and all of that, but her policies are not good. And it’s about issues, not about people, and her day has gone.”
Does this guy even know how to read an Electoral College map? Because demographics alone suggest whoever wins the Democratic nomination is all but guaranteed to be the next President. Don’t believe me, just go ask President Mitt Romney.
Arthur Laffer, much like the failed economic theory he created, is a joke. And all of us will be “laffing” at him in November. Then again, why wait?