Tag: Reganomics

Trump Awards Medal Of Freedom To Creator Of Debunked ‘Laffer Curve’

NOTE:  As you read this, keep in mind that a president can issue the Medal of Freedom to whomever s/he wants. And, the following difference the Laffer Curve (trickle down) has made in our lives:

US average annual per capita GDP growth, adjusted for inflation
1981-2017 inclusive = 1.7% (Reagan/Laffer Curve economics)
1933-1980 inclusive = 3.2% (FDR/Keynesian economics)

Arthur Laffer is a right-wing crank whose economic theory that tax cuts pay for themselves has not only been widely debunked by actual economists but has proven to be an abject failure when put into action.

Yet on Wednesday President Trump gave Laffer the Medal of Freedom — the highest honor a civilian can receive — and it’s all because Laffer has praised the egomaniac who occupies the Oval Office.

Laffer truly does not deserve the honor he’s about to receive.

View the complete June 19 article by Emily Singer on the National Memo website here.

‘Garbage’ GOP tax cuts didn’t benefit the economy — according to the Congressional Research Service

“It’s done nothing to raise wages and flown right into corporate execs’ pockets,” Rep. Bill Pascrell said of the Republican tax law.

Despite lofty promises from President Donald Trump and the Republican Party, the $1.5 trillion in tax cuts that went into effect last year have done little—if anything—to raise workers’ wages, boost economic growth, or spur business investment.

That’s according to a new analysis by the nonpartisan Congressional Research Service (CRS), which appeared to vindicate warnings from progressive critics that the GOP tax cuts were little more than a scam designed to put more money in the pockets of wealthy Americans.

In its 23-page report (pdf), the independent research arm found that while the Republican tax law has not done much for workers or the overall economy, it has sparked a wave of stock buybacks, which primarily benefit rich executives.

View the complete May 29 article by Jake Johnson from Common Dreams on the AlterNet website.