Thursday, January 29, 2015

Arthur Laffer Says Tax Cuts Will Make Kansas' Economy Soar...In 10 Years

Those of you who have been following this blog know that I've been keeping a close eye on the economic black hole that was formerly the great state of Kansas.

The Sunflower state is the most recent and best example of the disastrous results of trickle-down economics. Contrary to what was promised, cutting taxes didn't - shockingly enough - lead to more revenues, and job growth wasn't anything to brag about either.

Supply-side proponents are in somewhat of an uncomfortable position, and because of Kansas' blood red political make up, Republicans can't blame any of their troubles on any effeminate Democrats mucking things up. So what can they say?

Well, recently, Arthur Laffer, the father of supply-side economics, attempted to explain to everyone that everything was a-okay:

Celebrity economist Arthur Laffer told me in an interview last week that he was not surprised by the huge deficits Kansas is facing because of massive tax cuts. 
What? Really? He "was not surprised" that his stupid tax cuts would result in large deficits? Because neither he nor his ideological brethren ever seem to pose such a possibility before any tax cuts are enacted.

He told a reporter at the time that he had not produced an economic model on when Kansas will notice meaningful economic growth.
Why the hell not? Did he just figure that tax cuts would lead to massive economic growth because obviously tax cuts lead to massive economic growth?

In a 45-minute phone interview, Laffer said while he is “not surprised,” he didn’t know why the deficits have occurred. He still believes adamantly in his supply-side theory: If you reduce income taxes, you will raise more revenue, not less.
This is an amazing passage. Laffer's both not surprised and also confused by the failure of his policies. And despite the fact that they've clearly resulted in less revenue, he still feels that they'll lead to more revenue. Somehow.

Just when the revenue starts to rise is another matter.
 Ah there we go. So when can we expect the freedom fairy to pay a visit to the Kansas treasury department?

“You have to view this over 10 years,” Laffer said. “It will work in Kansas.”
Aaaand there we have it. Sam Brownback once said the tax cuts he signed into law would act like a “shot of adrenaline” to the state’s economy. And just like an actual shot of adrenaline, it clearly takes a whole decade to take effect.

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