The Biden Economy

[finnbow]

Originally Posted by whell

1) You would throw out a book because you don't like the cover? You don't like the messenger so you disagree with him even if he states that the sky is blue? Sounds about right for you.
2) Speaking in middle school, "Art Laffer's cocktail-napkin-doodle of an economic policy" is a criticism of someone drawing a picture of the idea versus the idea itself, which is pretty juvenile of you. An honest discussion of Laffer's model isn't if it is valid or not. I don't think that's arguable - of course it is valid. The argument, and why model became "political", is where "T" is, and how far to the right or left of "T" is "over-stimulative" of growth or "overtaxed" and negatively impacting growth. That's it. That's all it is.
3) It was you just a few years back that expounded on the fact that Trump's tax cuts would be overstimulation and result in inflation. Your argument is easily explained - the fact that you were wrong about it is a different matter - by the Laffer curve. You were essentially saying that tax policy was already at "T" or close to it, and Trump's proposed (at that time) tax cuts would have been over-stimulative and result in inflation.

So, Finn, how can you use the Laffer curve to explain yourself, and at the same time criticize the theory?

Once again, you show your lack of understanding of Art Laffer's curve (what it purports to show and what it doesn't). Laffer's curve doesn't address overstimulation of the economy. It only addresses tax rate and revenue. Moreover, it's truly useless to explain anything other than at 0% and 100% tax rate, revenue goes to zero because it never bothers to show where the current tax rate is on the curve (are we at a point where an increase in tax rate increases or decreases revenue?). However, supply-siders always insist we're to the right of the apex whereby tax cuts always increase revenue. Empirical evidence shows clearly that this is plainly bullshit.