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Trump Gives Medal to Tax-Cut Champion, While NPR Calls Laffer Curve ‘Fake News’

As President Trump honors tax-cut champion Arthur Laffer with the Presidential Medal of Freedom, NPR says the Laffer Curve that describes the beneficial effect of those cuts, doesn’t work, and never has. Why are Republicans so in love with this economic theory that Democrats think is fake news?

Trump Gives Medal to Tax-Cut Champion, While NPR Calls Laffer Curve 'Fake News'

As President Trump honors tax-cut champion Arthur Laffer with the Presidential Medal of Freedom, NPR says the Laffer Curve that describes the beneficial effect of those cuts, doesn’t work, and never has. Why are Republicans so in love with this economic theory that Democrats think is fake news?

32 replies on “Trump Gives Medal to Tax-Cut Champion, While NPR Calls Laffer Curve ‘Fake News’”

Remember that boring teacher from Ferris Bueller’s Day Off? He was talking about the Laffer Curve in one scene. Keep an eye out for it the next time you watch the movie.

I firmly believe EVERY person elected to public office needs to have taken a basic Economics course. When I hear people like Bernie Sanders talk about anything money-related, I’m not sure if I should laugh or cry. It’s truly sad (and kinda scary) that we have so many financial illiterates running our country.

The modern day Progressive/Democratic /Socialist (OXYMORON) does NOT accept Reality when Reality will not conform to the IDEOLOGY. Their Solution is then to create an Alternative Reality that will act just like an echo chamber where it will reinforce for the Collectivist mindset on a 24/7 Loop. It allows them to prover that n”Ignorance is NEVER an excuse for STUPIDITY.”

Pundits say the Laffer curve is bogus because the federal deficit keeps increasing after tax cuts. When in reality revenues increase by 10 percent but spending increases by 20 percent. No no no they say. The revenues increases because the economy grew.
But the economy only grew because people were incenivized to work more

This topic gets me fired up every time. I just recently argued with someone on Facebook over a article they posted. The article’s title basically implied that American tax payers paid XXX,XXX,XXX,XXX more money in taxes this year because of Trumps tax cut. Then when reading the article it states that on average every American paid less in taxes, but overall MORE Americans filed taxes and therefore the government made MORE money. This leftist argued me tooth and nail this was a BAD thing and that Trumps tax cuts were a lie and a scam on the middle class. He then continued to tell me he actually did get more money in his pay checks, but because he was so “financially savvy” he was able to hide that extra income in his 401k so he wasn’t taxed on it…. that horrible Trump lol.

Leftists are idiots and most of them belong in a mental institution. Arguing with a leftist is like listening to autistic screeching.

I write these comments in front of my TV as I’m making breakfast so I’m not paying a lot of attention to grammar and all. And OMG, the auto-correct is appallingly bad.

Just noticed some terrible mistakes a few min ago. FUAC.

Scott, I’m with you on this one. The government, particularly the Federal government, is involved in so many things it has no business being involved in that it needs to tax people extraordinary amounts to pay for it all. We should have a much smaller government with a much, much lighter touch, both in terms of its interference in our lives and its taking from our wallets.

I like the way Bill phrases it.
The Federal Gov’t doesn’t collect taxes to provide services; it provides a few services in order to collect a great deal of taxes.

Yes, basically the government forcibly takes our money and then uses it against us, to monitor and control us. It goes nowhere good.

I remember the Regan era and his tax cuts. Loopholes were closed and revenue went up because more people were paying taxes. However, the Congress saw the increased revenue coming into the treasury and they increased spending. Now our government spends way more than they collect in taxes, so they have to borrow money. Our government needs to learn to live within its means, not spending more than they collect. The easiest way to reduce spending in my opinion would be to now give any benefits, our tax dollars, to illegal immigrants.

Taking people’s money forcibly is evil. If I choose to give it (as in buying a pair of shoes), it’s not evil, it’s my choice. Government works very differently from a free market business.

Scott – that close was brilliantly articulated. Please send to everyone member of congress, especially the R’s.
If PDT could say what you just said over and over at his rallies, it would be a great service to the country.

Bill and Steve – you were actually great, too. But that close was spot on. You were both nodding along.

Bill needs to get this episode to his friend Ted Cruz. Lots of good thoughts put into good words. It would be refreshing to hear our elected officials saying the same.

(Steve – change to single malt scotch)

Subliminal effect hoped for.

I drink a bit – well, a large bit – of everything. At a guess I have three vodkas on hand at any given moment (cheap for mixers, better for Bloody Marys, Grey Goose for martinis), four or five tequilas, eight gins at last count, as few bourbons and ryes, and more single malt scotches than I (or my income) can properly account for.

Plus all those other liquor odds and end you collect over three decades of throwing various bashes.

We need to get together for real. If my income allowed I would drink only single malt scotch and good bourbon. Though I do like rye for an old fashioned.
For vodka, I have Smirnoff for mixing and Stoli for drinking. Always a bottle in the freezer for when my mom comes over.
I got into a place with good tequila when I worked for a company with a plant in Chihuahua Mexico and was drinking too much Don Julio. Good stuff.
The only thing I can’t drink is Gin. Never did anything for me.
Also, whoever came up with Rum and Coke, sweet alcohol with sweet mixer. Ugh.

The only thing I don’t like about the Laffer curve is that it results in sending more money to the Government. Less, much less government, please.

oooooooooooh shit.

I dont know if I can watch this one with the diss on Laffer Curve.

I reference the Laffer Curve constantly as people don’t get it, but its 100% accurate to how people are. It takes into account emotional attachment and many other things that are not real hard values, which is what is so interesting about it overall.
But if you just take it from a math value, it makes sense as well.

I was always amazed that the concept was even controversial. If a function has zeros at both ends, there exists (at least) one peak in the middle. This is pretty basic stuff.

Smoothed, the curve yields two points that return any given desired level. Doesn’t it make sense to choose the one that results in the highest overall productivity?

But more = more to people without a brain.

It comes down to human nature of intrinsic value. Bill half made the point on the buying and selling goods for this one here.

It’s understandable these guys cannot be 100% all the time. But, when we buy things we have a value in our head of what we feel that item/thing/something/bullshit is worth. We are willing to put up with that price/tolerance/etc.

The curve works for everything to an extent as its a theoretical representation of value, not a hard line.

LBJ and a few others got our taxes for the rich so high that suddenly we had no rich people here. Wonder why? Because people are okay with paying taxes, even though income tax should make everyone revolt with anger, as long as its reasonable.

Art makes this point in his video very very clearly. If you tax somebody at a rate that they feel is okay, they will more than willingly pay. Just the same for goods and services, when you charge at a rate……

I experiment with this with my business all the time to figure out the best rates/work that cause people to tip for the work I am performing.

Can we take a moment to enjoy a “business” that requires federal funding to stay afloat arguing that this economic theory doesn’t make sense? I mean, if ANYONE is going to good economics it’s that business…right?!

I am 100% against subsidizing businesses to say afloat. My tax dollars are not meant for that.

Sadly this conversation doesn’t go over well with Bill as he is pretty hip on that one company that would immediately crumble if the subsidies were taken away. Despite making cool products and awesome stuff, the company cannot run without our tax dollars and I don’t wanna pay for it or any business.

It’s really a small form of socialism as the government is being oligopic (not sure if you can.. shorten oligopoly) in some sense by supporting a company to tower above the rest through funds.

And if we really want to be critical of this. It’s not the federal governments job to pay for any of this stuff. If anyone is to “loan” money in any sort of way like this, it’s the state governments job.

Years ago I had an employee who was in constant debt, always broke. We were in a small industrial complex and everyone knew him.

This employee would complain and bitch until I would give him a raise. Then, he would immediately go out and spend “MORE” than he had just gotten in the raise. This constant process was a running joke in the complex! 🙂

That is our government. They spend and spend so they can justify raising taxes.

President Coolidge once said :”Collecting more taxes than is absolutely necessary is legalized robbery.”

I still don’t understand how it is okay for our government to set a budget and spend spend spend without actually knowing what the intake is and then if they go 40 billion over, oh well.

And I’m getting sick of this argument of how we cannot cut funding as people will be without jobs.

My tax dollars are not to make sure suzie can sit in an office for 8 hours a day and file her nails. Or billy can drive around in his sports car and talk on the phone while living in a highrize in new york.

Tax dollars collected 100billion, that’s all you get to spend, period. None of the rest of us can do this, people with guns will come and take us away. And if we refuse to pay, people with guns will come and take our money.

This brings back the talk that Penn had about building a library. You cannot build a library with a gun, unless youre the government. (I paraphrased that really rough, but that was the jist)

It’s a simple old aphorism.

Borrow $100 and the bank owns you.
Borrow $1 million and you own the bank.

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