Art Laffer is a kook whose claims economists don't take seriously. Today, President Trump awards him the Presidential Medal of Freedom. jonathanchait writes
Arthur Laffer, Republican economist and medal of Freedom winner Photo: AP/Shutterstock Last year, famed Republican economist Art Laffer coauthored a hagiographic tribute to President Trump and his agenda. Trump habitually bestows his most slavish supporters with pardons or – in the event they have not been convicted of any federal crimes – awards. Laffer accordingly will receive the Presidential Medal of Freedom today.
Even this limited defense of Laffer is provably untrue. Of course a 0% tax rate yields 0 revenue, but a 100% tax rate definitely does not yield 0 revenue. Many governments have imposed 100% tax rates and have still managed to collect a great deal of revenue. I would personally prefer not to pay a 100% income tax, but under such circumstances, I would not cease working. Many other people would make the same choice.
He likewise predicted President Obama’s plan would “destroy the economy” among many other failed predictions. Not content to botch his analysis of the federal budget, he has parachuted into several state governments and prodded Republicans into adopting his utterly false worldview. In Kansas and Louisiana, Republican governors listened to Laffer and produced fiscal catastrophe so comprehensive and undeniable Republicans in their state revolted.
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