Wednesday, March 26, 2008
Does Anyone Really Believe This?
by Tom Bozzo
There are a couple of almost useful pieces of information in the story. One is that Arthur Laffer is a "special adviser" on John McCain's crack economics team, otherwise populated by such luminaries as Phil "even his friends don't like him" Gramm and Kevin "Dow 36,000" Hassett. Who's next, Donald Luskin?
The other is that Martin Feldstein, also a McCainiac, is wildly overoptimistic about the supply-side benefits of tax cuts, suggesting that they might offset 50 to 70 percent of the static revenue loss. The real figure is no more than 10 percent.
Headline to Lou Uchitelle's story in the NYT: "A Political Comeback: Supply-Side Economics."
There are a couple of almost useful pieces of information in the story. One is that Arthur Laffer is a "special adviser" on John McCain's crack economics team, otherwise populated by such luminaries as Phil "even his friends don't like him" Gramm and Kevin "Dow 36,000" Hassett. Who's next, Donald Luskin?
The other is that Martin Feldstein, also a McCainiac, is wildly overoptimistic about the supply-side benefits of tax cuts, suggesting that they might offset 50 to 70 percent of the static revenue loss. The real figure is no more than 10 percent.
Labels: Journamalism, Voodoo economics
Comments:
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"McCain's crack economics team..."
I'm assuming that you simply forgot to include "-smoking" after the term "crack"
Go 'sconnies!
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I'm assuming that you simply forgot to include "-smoking" after the term "crack"
Go 'sconnies!
# posted by 
: Thu Mar 27, 10:27:00 AM
: Thu Mar 27, 10:27:00 AM 
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