Phi Beta Cons

Soak-the-Rich Academic Panderers

Arthur B. Laffer shows in the Wall Street Journal, as usual backing up his argument with data, why:

the Democratic proposal to raise taxes on the upper-income earners, and lower taxes on the middle- and lower- income earners, will result in huge revenue losses on both accounts.

Laffer singles out for blame the dishonest, self-interested academics who justify these economically destructive policies:

But some academic advisers to Democratic candidates have a hard time understanding the obvious, devising outlandish theories [in support of the policies] . . .
A cut in the highest tax rates will increase lots of other tax receipts. It will lower government spending as a consequence of a stronger economy with less unemployment and less welfare. It will have a material, positive impact on state and local governments . . .
If the Democrats succeed in implementing their plan . . . this country will experience a fiscal crisis of serious proportions that will last for years and years until a new Harding, Kennedy or Reagan comes along.
Trained economists know all of this is true, but they try to rebut the facts nonetheless because they believe it will curry favor with their political benefactors.

Candace de Russy is a nationally recognized expert on education and cultural issues.
Exit mobile version