Barney Frank, US Representative for the town in Massachusetts where I grew up, started his questioning by landing a shot about Greenspan not having the time to answer Chairman Oxley's question about the Laffer curve.
What a miserable son of a gun. But he has made watching these hearings very entertaining for the last umpteen years.
Proud Member Of
Random Roger
© 2009 | Gadget Theme Blogger Template
Original WPtheme By Blogger Template | Converted By Gadget Lover
| Distributed by eFree Blogger Help
Original WPtheme By Blogger Template | Converted By Gadget Lover
| Distributed by eFree Blogger Help
2 comments:
But he has a reason to ask. Look, we
cut taxes and we lose revenue. We've
never "grown" our way out of the revenue short fall created by supply side tax cuts.
Supply side economics were brought into popularity by folks like Kemp/Roth/Laffer & Jude Wanniski. Most of it with the back of Irving Kristol.
Now Kristol has backed off on the laffer curve and just says "Tax cuts are more important than deficits". I don't have the exact quote on me.
Bruce Bartlett, another prominent supply sider economist has also acknowledged this flaw in supply side economics.
So it is appropriate for Barney Frank to bring it up because many Republicans still around claiming that tax cuts will lead to revenue growth.
Noticed how tax receipts were up recently? It's because one of the Bush corporate tax cuts expired.
Ok, back to lurking.
-Joe
Maybe so, and if you read the archives you will see I am no fan of Bush (or the dems either) but Barney seems to just revel in finding new ways to be unpleasant.
Post a Comment