January 31, 2010

I HEART ART

If Art Laffer thinks we're boned...well, yikes.

“In anticipation of known tax increases the economy will shift income and output from 2011 -- the higher tax year -- into 2010 -- the lower tax year. As a result of this income shift, 2010 will look a lot better than it should, and 2011 will be a train wreck,” he predicts.

Read the whole scary thing.

Posted by: Sarah at 11:50 AM | Comments (4) | Add Comment
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1 Thanks for linking to Laffer's article. I just assumed the rest of Obama's reign would be straight downhill, so I didn't expect Laffer's "false recovery." His argument would be stronger if he had pointed out previous false recoveries.

I wonder how the public would react to a federal tax holiday. Unlike bailouts, such a holiday would directly benefit ordinary people without taking money out of anyone's pockets.

Posted by: Amritas at January 31, 2010 09:19 PM (TZltr)

2 I know it's an appeal to authority, but I like to think that his argument is strong enough by virtue of his being Art freaking Laffer

Posted by: Sarah at February 01, 2010 08:47 AM (gWUle)

3 I think my kids and I will take our normal Halloween tradition of watching scary movies all month long and turn it into watching financial returns. 

Much more terrifying. 

Posted by: airforcewife at February 01, 2010 01:21 PM (uE3SA)

4 I keep thinking about Laffer's recommendation of a one year, nine month tax holiday. The impact that would have on the average American family is astounding. But then, what would we do with all of those IRS workers and accountants? How frustrated would people be when they had to start paying taxes again, and realized exactly how much wealth the system is stealing from them every year. Thanks for the great article!

Posted by: Val L. at February 02, 2010 12:40 PM (F4Qv7)

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