Word: lafferism
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...notion of returning to the gold standard comes from the same supply-side economists who fostered the cuts in personal income taxes that President Reagan is now trying to get through Congress. Such supply-siders as Economist Arthur Laffer and Consultant Jude Wanniski have been putting the gold bug in politicians' ears for the past several years. Republican Congressman Jack Kemp of New York, co-author of the Kemp-Roth tax-cut bill, says that he plans to take up the gold banner as soon as he has completed his drive to lower taxes. Republican Congressman Ronald Paul...
...recent past to summon a genuinely different future. That is the way the recent arrivals in Washington see themselves and we cannot argue with their motivation. The United States is in deep trouble. But the ideas that have emerged from our transformed capital--from the seductive illusion of the Laffer curve to the cruel inhumanity of the Human Life Amendment --seem destined only to distort and corrupt what is left of our national dream...
...this assumption, as handy as it might be for the world's voracious strivers, presents a considerable affront to those who think greed is a bad thing, among whom, I suspect, is Galbraith. So while Adam Smith and his spirtual heirs, from Alfred Marshall to Milton Friedman to Arthur Laffer, contorted the concept of greed into a good thing, Galbraith said no; greed exists, and will ensure the production of privately produced goods, but society needs a counterforce to the less noble parts of man's character--a democratically elected government. In The Affluent Society, Galbraith pointed out that mere...
...luckily I caught my tongue in time. Instead, I showed him the clipping from London saying that I do quite a bit of preliminary wrestling and light biting, just like Alex Comfort recommends. Except for the gentleman from the Times, who wanted to know my feelings about the Laffer Curve, everybody wants to talk about sex. All that locker-room chortling about my "mission of love," "my furry virility" and that old joke about "pandaring" by zoo officials...
...Republicans try to justify this giveaway by saying the wealthy will use this extra money for the general economic good by saving and investing it. Other than the Laffer curve, they have, however, been unable to offer any economic or historical justification for this $200 billion assumption. Indeed, the rate at which money is saved in this country--as opposed to spent on consumption--has remained steady over the years, high taxes or low. It is far more likely that these tax cuts will be spent by the rich on luxury goods, thus fueling inflation while adding nothing...