.MaddowBlog: One of Pres. Trump’s favorite economists blames Great Recession on Fmr. Pres. Obama.
Last week, Republican economist Art Laffer told Fox News that Barack Obama “was the reason why we had the Great Recession.” As Laffer argued, there was a global economic crisis because investors were panicked by the prospect of an Obama presidency.
“[I]f you’ll remember, coming into the election in 2008, when Obama started rising in the polls and doing well in the polls, the stock market crashed. And the stock market tells you what will be, not what has been. The stock market looks forward. Laffer added that if he thinks Donald Trump is likely to lose, he’ll start moving his investments away from the market.
When the the GOP governor’s agenda failed to deliver on any of the expected results, Laffer was pressed for an explanation. “Kansas is doing fine,” he boasted. Since the 1970s there have been four big changes in the effective tax rate on the top 1 percent: the Reagan cut, the Clinton hike, the Bush cut, and the Obama hike. Republicans are fixated on the boom that followed the 1981 tax cut . But they predicted dire effects from the Clinton hike; instead we had a boom that eclipsed Reagan’s.
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