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Trump Awards Presidential Medal of Freedom to Arthur Laffer, Tax-Cut Guru

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Trump Awards Presidential Medal of Freedom to Arthur Laffer, Tax-Cut Guru - The New York Times

President Trump bestowed the nation’s highest civilian honor on the conservative economist Arthur Laffer on Wednesday, praising him for policies that he said brought “greater opportunity for all Americans.”
Mr. Laffer is the father of so-called supply-side economics, and is the namesake of a famed theory — the Laffer Curve...
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Trump said he studied the curve at the Warton, never mind the fact that he was there considerably before Laffer published his theory.
 
The Presidential Medal of Freedom has become a “Laffer!”
 
smallvoice said:
Much like the post-Obama Nobel Prize...
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Nah. Obama did something incredible, a black man becoming POTUS in a country as racist as the USA. That was an amazing accomplishment, and took someone of truly outstanding character and ability.

This is just Trump playing the fool. You know, Trump being Trump.
 
Mr. Laffer, the intellectual titan who blamed SENATOR Obama for bush's crash of the economy. He should fit in nicely with the rest of only the best folks.
 
let's not settle for a cheap gold medal. in honor of Laffer's napkin drawing, we should let the hyper-rich raid the treasury again.
 
JustHanging said:
Nah. Obama did something incredible, a black man becoming POTUS in a country as racist as the USA. That was an amazing accomplishment, and took someone of truly outstanding character and ability.

This is just Trump playing the fool. You know, Trump being Trump.
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Nonsense. They gave him that BECAUSE he was black, not because he earned it, as did his predecessors. Stay in Canada.
 
Is it because Trump was told he could not award the Medal to himself?
 
Helix said:
let's not settle for a cheap gold medal. in honor of Laffer's napkin drawing, we should let the hyper-rich raid the treasury again.
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Actually, the Laffer Curve is pretty scientific, based on a mathematical model which shows how much money the government takes in, compared to the tax rate. However, many in the Republican Party took his findings out of context, and made the claim that the less taxation the better. This is a claim that the Laffer model does not predict, and is borne out by the fact that, after Trump's tax cuts, we are now seeing some of the largest deficits in history. In addition, the Laffer curve is not broken down by population income brackets, but is overall. The middle class did not get the same benefit the rich did with the latest tax cuts, and it is the middle class which purchases the goods and service produced or imported into this country. They do the buying, while the rich mostly sit on the money they got out of it, or use that money to buy back shares of stock, which is not an action that contributes to economic activity. In addition, it is the middle class that is paying for the tariffs, which amount to a tax on purchases of items that fall under those tariffs. The reason our economy hasn't petered out is because huge amounts of government debt are propping it up. The government can only prop up the debt to a certain point. After that comes massive inflation, which will slow the economy. It's like a tall house of cards. The bottom cards can only take so much piling on before they collapse, taking the cards above them with them. At some point, the United States will need to declare bankruptcy, and let the cards fall where they may, then rebuild the economy from scratch. It won't be the end of the US as we know it, but it will be a pain in the ass for many years to come.
 
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danarhea said:
Actually, the Laffer Curve is pretty scientific, based on a mathematical model which shows how much money the government takes in, compared to the tax rate. However, many in the Republican Party took his findings out of context, and made the claim that the less taxation the better. This is a claim that the Laffer model does not predict, and is borne out by the fact that, after Trump's tax cuts, we are now seeing some of the largest deficits in history. In addition, the Laffer curve is not broken down by population income brackets, but is overall. The middle class did not get the same benefit the rich did with the latest tax cuts, and it is the middle class which purchases the goods and service produced or imported into this country. They do the buying, while the rich mostly sit on the money they got out of it, or use that money to buy back shares of stock, which is not an action that contributes to economic activity. In addition, it is the middle class that is paying for the tariffs, which amount to a tax on purchases of items that fall under those tariffs. The reason our economy hasn't petered out is because huge amounts of government debt are propping it up. The government can only prop up the debt to a certain point. After that comes massive inflation, which will slow the economy. It's like a tall house of cards. The bottom cards can only take so much piling on before they collapse, taking the cards above them with them. At some point, the United States will need to declare bankruptcy, and let the cards fall where they may, then rebuild the economy from scratch. It won't be the end of the US as we know it, but it will be a pain in the ass for many years to come.
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I agree with all that, but here's a simpler explanation and a couple of appropriate images IMO:

The Laffer Curve is not economic theory, but rather wishful thinking on behalf of conservatives who want an excuse to cut taxes for the rich. Cutting taxes leads to less not more revenue. This piece of common sense is acknowledged by economists but still clung to by delusional politicians.
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There's a lot more there debunking many of the theories behind the Laffer Curve.

The Mythical Laffer Curve – Whistling In The Wind

neolaffercurve2jj.jpg

laffer_curve_3.png


Bottom line is Laffer is a helluva propagandist, but otherwise a joke. What he did was provide a plausible excuse to sell tax cuts for the wealthy to the masses and let everyone pretend that there is no loss in revenue.
 
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smallvoice said:
Nonsense. They gave him that BECAUSE he was black, not because he earned it, as did his predecessors.
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Well duh! If he wasn't black, he wouldn't have had to overcome the racism in America.

You don't think a black man becoming POTUS....in America...was an amazing accomplishment?

Stay in Canada.
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Nah. I scooped up a beautiful WA lakefront cottage in 2008, dirt cheap, when the last Republican POTUS crashed the economy. I sold it a couple of years ago, but I still have lots of friends there, and visit them often, especially in the summer. Conservatives and Democrats alike....they all tolerate the Crazy Canuck. :)

Surely you like spending a week or two at The Lake every summer as well?
 
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danarhea said:
Actually, the Laffer Curve is pretty scientific, based on a mathematical model which shows how much money the government takes in, compared to the tax rate. However, many in the Republican Party took his findings out of context, and made the claim that the less taxation the better. This is a claim that the Laffer model does not predict, and is borne out by the fact that, after Trump's tax cuts, we are now seeing some of the largest deficits in history. In addition, the Laffer curve is not broken down by population income brackets, but is overall. The middle class did not get the same benefit the rich did with the latest tax cuts, and it is the middle class which purchases the goods and service produced or imported into this country. They do the buying, while the rich mostly sit on the money they got out of it, or use that money to buy back shares of stock, which is not an action that contributes to economic activity. In addition, it is the middle class that is paying for the tariffs, which amount to a tax on purchases of items that fall under those tariffs. The reason our economy hasn't petered out is because huge amounts of government debt are propping it up. The government can only prop up the debt to a certain point. After that comes massive inflation, which will slow the economy. It's like a tall house of cards. The bottom cards can only take so much piling on before they collapse, taking the cards above them with them. At some point, the United States will need to declare bankruptcy, and let the cards fall where they may, then rebuild the economy from scratch. It won't be the end of the US as we know it, but it will be a pain in the ass for many years to come.
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he's a trickle downer.

Bloomberg

i'm not saying that supply side is always a mistake. however, to some, it's the only solution for all situations, and i don't agree with that at all.
 
danarhea said:
Actually, the Laffer Curve is pretty scientific, based on a mathematical model which shows how much money the government takes in, compared to the tax rate. However, many in the Republican Party took his findings out of context, and made the claim that the less taxation the better. This is a claim that the Laffer model does not predict, and is borne out by the fact that, after Trump's tax cuts, we are now seeing some of the largest deficits in history. In addition, the Laffer curve is not broken down by population income brackets, but is overall. The middle class did not get the same benefit the rich did with the latest tax cuts, and it is the middle class which purchases the goods and service produced or imported into this country. They do the buying, while the rich mostly sit on the money they got out of it, or use that money to buy back shares of stock, which is not an action that contributes to economic activity. In addition, it is the middle class that is paying for the tariffs, which amount to a tax on purchases of items that fall under those tariffs. The reason our economy hasn't petered out is because huge amounts of government debt are propping it up. The government can only prop up the debt to a certain point. After that comes massive inflation, which will slow the economy. It's like a tall house of cards. The bottom cards can only take so much piling on before they collapse, taking the cards above them with them. At some point, the United States will need to declare bankruptcy, and let the cards fall where they may, then rebuild the economy from scratch. It won't be the end of the US as we know it, but it will be a pain in the ass for many years to come.
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~~~~~~~~~~
The reason our economy hasn't petered out is because huge amounts of government debt are propping it up. The government can only prop up the debt to a certain point. After that comes massive inflation, which will slow the economy.
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The Trump madness of detesting seeing "tax money help society"... is the basis of Trumps madness.. but he has no problem when he chase tax credits for himself with not thought of the damage it does... he uses the "threat" of suits... against people who can't defend themselves... to extort tax credits....

The Confederate Idealist of which Trump is!!! Has no concern for anything or anyone, other than his worship of money !!!! Those who support Trump will pay dearly for their obsessive madness in following and supporting him. Their own lust and expectation that a wealthy white man is going to suddenly make their lives more monetarily prosperous... has been, is and continues to be the same delusions they have chased for 300-400 yrs... It's called "Insanity" and his followers are certainly consumed with such insanity.

The "White People" who back and support this... Will ONLY have themselves to blame!!!! when they are buried in imporivishment, they will still be spinning in "denial" trying to find anything they can to blame, "Except" facing the truth of blaming themselves. It's their general mentality of how so many in the Right Wing Sector Functions... Truth... is and has always been met by obsessions filled with the aims to "deny" what truths reveal. We've seen it for 100's of years. They may even try to blame it on "preschooler's"... if they can find a way to spin that among themselves.
 
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Remarks by President Trump at Presentation of the Medal of Freedom to Dr. Arthur Laffer

Access Denied

Oval Office

5:16 P.M. EDT

THE PRESIDENT: Well, this is a big day. Very important for a very important subject. Today it’s my privilege to award our nation’s highest civilian honor to the father of supply-side economics: Dr. Arthur Laffer. (Applause.)

I know Art has been to the Oval Office, unlike most people, many times. But this is a very special time for you. This is a tremendous award. You have the Congressional Medal of Honor on the military side, which, of course, is something incredibly special. And the presidential medal is — I just want to congratulate you. There’s nothing like it, right?

DR. LAFFER: Nothing.

THE PRESIDENT: Thank you very much, Art.

Joining us for this momentous ceremony are Art’s six children. Thank you very much. Congratulations. (Applause.) And we’re also grateful to be joined by Vice President Mike Pence. We just got back from Florida. (Applause.) Had a big night. That was a big night in Orlando, Mike. Right?

Secretary Steve Mnuchin, Alex Acosta, Elaine Chao, and Ben Carson, thank you very much for being here. And our top economic advisor and a great friend — of all of us, actually. I hear that voice and I just say “money, money, money.” Larry Kudlow. (Laughter.) Right? Larry. Thank you, Larry.

MR. KUDLOW: Thank you, sir.

THE PRESIDENT: Few people in history have revolutionized economic thought and policy like Dr. Art Laffer.

He developed a brilliant theory, shaped unprecedented economic reforms, and helped turn a severe recession into a remarkable boom. He proved that the most powerful way to grow the economy and raise government revenue was not to increase tax rates but to adopt strong incentives that unleash the power of human freedom and innovate, create jobs, and deliver greater opportunity to all Americans. And he’s proved it over and over again.

A Yale graduate, Art went on to earn his PhD in Economics from Stanford University. He became the youngest-ever tenured professor at the University of Chicago. Oh, that’s good. That wasn’t too long, was it? (Laughter.) He’s very deceiving. He’s a little older than he looks. He looks like he’s in his forties. (Laughter.) He’s a little older than that. Just a little bit, right?

DR. LAFFER: A lot.
 
Common Sense 1 said:
Remarks by President Trump at Presentation of the Medal of Freedom to Dr. Arthur Laffer

Access Denied

Oval Office

5:16 P.M. EDT

THE PRESIDENT: Well, this is a big day. Very important for a very important subject. Today it’s my privilege to award our nation’s highest civilian honor to the father of supply-side economics: Dr. Arthur Laffer. (Applause.)

I know Art has been to the Oval Office, unlike most people, many times. But this is a very special time for you. This is a tremendous award. You have the Congressional Medal of Honor on the military side, which, of course, is something incredibly special. And the presidential medal is — I just want to congratulate you. There’s nothing like it, right?

DR. LAFFER: Nothing.

THE PRESIDENT: Thank you very much, Art.

Joining us for this momentous ceremony are Art’s six children. Thank you very much. Congratulations. (Applause.) And we’re also grateful to be joined by Vice President Mike Pence. We just got back from Florida. (Applause.) Had a big night. That was a big night in Orlando, Mike. Right?

Secretary Steve Mnuchin, Alex Acosta, Elaine Chao, and Ben Carson, thank you very much for being here. And our top economic advisor and a great friend — of all of us, actually. I hear that voice and I just say “money, money, money.” Larry Kudlow. (Laughter.) Right? Larry. Thank you, Larry.

MR. KUDLOW: Thank you, sir.

THE PRESIDENT: Few people in history have revolutionized economic thought and policy like Dr. Art Laffer.

He developed a brilliant theory, shaped unprecedented economic reforms, and helped turn a severe recession into a remarkable boom. He proved that the most powerful way to grow the economy and raise government revenue was not to increase tax rates but to adopt strong incentives that unleash the power of human freedom and innovate, create jobs, and deliver greater opportunity to all Americans. And he’s proved it over and over again.

A Yale graduate, Art went on to earn his PhD in Economics from Stanford University. He became the youngest-ever tenured professor at the University of Chicago. Oh, that’s good. That wasn’t too long, was it? (Laughter.) He’s very deceiving. He’s a little older than he looks. He looks like he’s in his forties. (Laughter.) He’s a little older than that. Just a little bit, right?

DR. LAFFER: A lot.
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Why didn't you quote the part where the moron claimed the studied the curve at Wharton?
 
Helix said:
he's a trickle downer.

Bloomberg

i'm not saying that supply side is always a mistake. however, to some, it's the only solution for all situations, and i don't agree with that at all.
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The best part of the article was this. The Kansas experiment was described, it's noted as a failure, and then Laffer's comment:

Laffer has said the problem in Kansas was that Brownback’s tax cut didn’t go far enough. “When you put an atomic bomb on a place, it will materially change the place – but a cherry bomb probably won’t change the buildings or anything else,” he told The Guardian in 2017.
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That's just the kind of intellectual hackery one should expect from Laffer. Of course he didn't say that at the time, and there's nothing in his theory requiring an "atomic bomb" to see the impacts of lower tax rates, which did in fact blow huge holes into the Kansas budget, which required the legislature to roll back the tax cuts because they didn't work, after they'd drained reserves, etc.
 
JustHanging said:
Nah. Obama did something incredible, a black man becoming POTUS in a country as racist as the USA. That was an amazing accomplishment, and took someone of truly outstanding character and ability.

This is just Trump playing the fool. You know, Trump being Trump.
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Absolutely.

Just ask the hundreds Obama murdered - including numerous children.

Oh wait - you can't.

They're dead.

Okay, then ask the leaders he was instrumental in murdering extrajudicially.

Oops - same problem.

Okay, then ask the hundreds of thousands of Syrian refugees.

Dam - that Obama was BUSY being all Peace Prize & whatnot!

:donkeyfla
 
smallvoice said:
Nonsense. They gave him that BECAUSE he was black, not because he earned it, as did his predecessors. Stay in Canada.
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I must disagree.

He got it for NOT being Bush II.

Obama is certainly a war criminal, but not one of Bush II's grave >accomplishments.<
 
Phys251 said:
Congratulations on winning this thread's Whataboutism Award! :thumbs:
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I certainly fail to see any relevance to comparing the preceding president to the current one; that's just NUTS.

And on a political forum to boot!

:donkeyfla
 
smallvoice said:
Nonsense. They gave him that BECAUSE he was black, not because he earned it, as did his predecessors. Stay in Canada.
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Stay in Canada? Yeah, that's gonna work for you.
 
It would work for all Americans. Can't find enough to do there?
 
3leftsdoo said:
I must disagree.

He got it for NOT being Bush II.

Obama is certainly a war criminal, but not one of Bush II's grave >accomplishments.<
Click to expand...

And none are valid reasons to give him the award.
 
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