Remember Mr. Laffer-- worshipped by Doofuses like Grandpa Reagan and probably the economic "genius" Alan Greenspan, among others?
See below.
But Laffer himself still occasionally makes appearances on the public scene.
And in June of 2009, he penned an op-ed warning excessive quantitative easing would inevitably lead to higher inflation and interest rates.
...we haven't ever seen anything like this in the U.S. To date what's happened is potentially far more inflationary than were the monetary policies of the 1970s, when the prime interest rate peaked at 21.5% and inflation peaked in the low double digits ...Gold prices went from $35 per ounce to $850 per ounce, and the dollar collapsed on the foreign exchanges. It wasn't a pretty picture.
Obviously, nothing like that happened.
Idiots like this guy are astonishing-- as are the even more ignorant "leaders" like Reagan who worshipped Laffer and naively, vigorously touted him as some sort of "authority".
Did QE having any stinking impact on consumer spending on goods and services?? then why, I wonder does Laffer think it would lead to "higher inflation"?
Consumer spending is sucking gas and will continue to do so until we get 16 million UNemployed people and a few million Underemployed people back to work-- so they have some, you know MONEY to spend on stuff.
In an interview with Business Insider from his office in Tennessee, Laffer admitted that he was wrong. The old maxim that dictates increasing the availability of cash through lower interest rates will lead to higher prices, he said, may need to be reexamined.
"Usually when you find the model this far off, you've probably got something wrong with the model, not that the world has changed," he said. "Inflation does not appear to be monetary base driven," he said.
Dude, did this CASH get into the hands of small, medium sized businesses in our nation??
Inflation does not appear to be monetary base driven. ????
Hah hah hahhh hahhh!!
So yes, Mr. Laffer: YOUR MODEL IS BOGUS and always has been. YOUR stupid model (giving lots of cheap (FREE) cash to the already successful wealthy class will automatically lead to huge investment, and jobs for the little people).
This bullcrap strategy the past few years in response to the 2008 meltdown has pushed the stock market up, up, UP... but hasn't done crap for creating any sort of economic engine to actually GROW our economy and create the MILLIONS of jobs we lack.
so it's a total FAIL for Laffer, Reagan (Mr "trickle down) and all of the sundry sad adherents to this bogus approach-- and that includes numerous "democrats".
Laffer is a pathetic Putz, a convenient tool with an interesting graph which just happened to support Reagan's and the wealthy classes deluded, fraudulent "economic model".
Weak, very weak.
http://www.businessinsider.com/...