Arthur Laffer, President Reagan’s favorite economist and creator of the famous Laffer Curve, believes the economy is headed for a “train wreck” in 2011. And he thinks it will be so bad that the current recession look like the good ol’ days by comparison.
Human Events reports the details:
In a wide-ranging discussion about where the economy is headed, and the fiscal, tax and monetary reasons why, Laffer gives a bleak forecast of where President Obama and his administration are taking the country in the next three years — which he predicts will end with Obama’s defeat in 2012.
“Obama is a fine, very impressive person. He really is. Unfortunately, everything that he is doing in economics is exactly wrong. He is a crappy president,” Laffer said.
“Whenever a country is in the throes of spending too much and raising taxes, it’s a fiscal catastrophe in the making and this is what is happening now,” he said.
“Crappy,” of course, is a highly-technical economic term that means “socialism doesn’t work.”
Don’t thank us. It’s just what we do.
Source: Human Events
This post was last modified on January 26, 2021
View Comments (7)
Being "discredited" by marxists makes him right, and that he is!
HOW TO CREATE JOBS
Rule #1 - don't raise taxes on businesses. If business taxes go up there is less money available to pay employees, so businesses hire fewer people. DUH !!
I'll add Rule #2 - Abolish the Death Tax, so that family owned businesses STAY in business instead of having to have a fire sale to pay Uncle Sam 9 months after the death of said business owner(s)!!
The Libs just don't get it and never will...once you suck the life out of a family owned business so that it no longer exists to pass on to the next generation, whether it is through a sale or liquidation, your tax base has been reduced to nil!
Coming from one of the most-discredited economists of the 20th century, this isn't too much of an insult....
If you want the opinion of discredited economists why not go straight to the top and ask Scholes and Merton.
Calling Obama crappy was polite.
No kidding that he's lead the economy down even more than it is. I am no fan of Dubya but it took him two terms to do the damage that Obama has done in a year and a half. Not only that, but the president has pussified the U.S. in the eyes of the rest of the world. He got elected because he's (half) black and he's a good speaker. Change my ass.
I'm an independent but he's beyond crappy... he's right up there with Jimmy Carter for being horrible.
I went and looked up the whole article by Laffer -- really scarry stuff.