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Laffer curve has long been debunked as economic theory; look it up

  • Published in Letters

To The Daily Sun,

In referring to letter published on April 11's Daily Sun by Mr. (Bob) Meade, I now wish I had learned to type and spell words with more than four letters. I will respond in two letters to the editor.

I will say I consider Mr. Meade to be well informed on all subjects. However, he can twist the facts on a subject to suit his way of thinking.
I wrote a letter April 8 stating Bush tax cuts reduced revenues $1.8 trillion over seven years. Mr. Meade wrote revenues increased $2.57 trillion under Bush. He claimed in his research of my letter, it was based on assumptions. He introduced me to the "Laffer curve." I will prove this is one of the biggest blunders Mr. Meade has ever made. While he stated that I was gloating ,in my first letter, this letter I will agree with him. I Googled "Laffer curve," read the pros, went to bottom of page and read, debunking Laffer — Laffer curve debunked. A good first point in thinking the title of this letter should be titled Mr. Meade Laffer curve discredited.

I next Googled "who is Art Laffer." He is a frequent guest on Fox News, former Reagan economic adviser. Please read "in praise of Art Laffer." Further research, I Googled "war deficit Iraq War Bush administration" and read critic's are still wrong on what's driving deficits in coming years. I also read "view updated data." February 28, 2013.

Since I realize not many will read the sites I mentioned, I will make two brief quotes. With the Iraq war treated as a "off the books" expense, the Pentagon was allowed to keep spending on high-end military equipment and cutting-edge technology in fiscal terms, it was as if the messy wars in Afghanistan and Iraq had never happened. With reduced taxes and military spending that meant we borrowed to pay for the war of choice that Bush led us into.

The CBO report dated Feb. 28, 2013, stated federal deficits and debt have been sharply higher under President Obama, but the evidence continues to show that the Great Recession, President Bush's tax cuts and two wars explain most of the deficit on Obama's watch. Further, the deficit under Bush will continue to affect federal budget until 2019. One must read this site to get full grasp of the damage to the federal budget that falls in Bush's lap.

I will let Mr.Meade know that these are not my assumptions,they are brief quotes from some of the most prestigious think tanks within federal government. To get full grasp of this site, you need to read the article.

During my surfing the web site I found this of which will be of interest to the right-wing party. Google "who is Laffer curve discredited." Read Glenn Beck's article that the plan is based on discredited Laffer curve, and watch the video. A quote in brief: "Laffer's theory is widely discredited," with Bush administration economist N. Gregory Manlow calling it not credible and numerous Bush administration officials acknowledge that tax cuts provide a net decrease in revenue. Scroll down and read "Heritage Foundation discredited."

In closing until next letter, I will admit I'm not the sharpest knife in the drawer. However, I can see BS a mile away.

Henry Osmer