As a “father” of supply-side economics, Authur Laffer’s name has been turned into a dirty word by leftists. That is what they do to people who interfere with their control of us.
In today’s Wall Street Journal, he speaks truth about the recent housing woes and the government response to it:
Whenever the government bails someone out of trouble, they always put someone into trouble, plus of course a toll for the troll. Every $100 billion in bailout requires at least $130 billion in taxes, where the $30 billion extra is the cost of getting government involved.
Government trolls charge 30% to “solve” your problems.
I could snip out jewels from his short op-ed piece all day:
If the house’s value had appreciated, believe you me the overleveraged homeowner and the overly aggressive bank would never have shared their gain with taxpayers.
but you should just read the whole thing.
Laffer’s points out that it isn’t a Democrat or Republican or liberal/conservative thing. A pox on all their houses. They all do bad economics, which won’t work no matter your ideology.
He thinks that if we let bad economics continue, especially bad economics done in a panic, we are at an end of prosperity.
I agree. I just don’t know how to make these fools actually engage in good economics.
H/T: Ken’s Dad.