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Politics : American Presidential Politics and foreign affairs
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To: Peter Dierks who wrote (43668)6/9/2010 12:09:02 PM
From: TimF  Read Replies (1) of 71588
 
Laffer is probably overly negative, and definitely overly specific about the timing. There are always many other factors. The fact that higher taxes are negative for the economy, does not mean that after increasing taxes the economy is always going to do poorly.

His basic idea about taxes and economic growth is clearly correct, but such specific predictions are too likely to undermine it in the minds of many if they don't come true. And yes I know both sides do it (Krugman predicted something like 7 out of the last 3 recessions...) but 1 - "They do it too" isn't a good reason to do it, and 2 - The media is more likely to gently treat or ignore the faults of "progressives" when they get it wrong, and trumpet their "wisdom" when they get it right, then they are to do so in the case of someone like Laffer.
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