Archives for posts with tag: Laffer curve

Falling gas prices have recently created a huge demand-side boost to our economy. Millions and millions of dollars worth of boost: serious money. The increase comes from families having a few hundred extra bucks a year to spend on things other than filling their tanks. That is the free market in action, folks: consumers consuming, and by so doing creating jobs where they spend that additional money.

Classic, common-sense, evidence-based economics. People making additional purchases with the money they are saving because of lower pump prices. Demand-side economic stimulus via the private sector. Somewhere in the Afterlife, Adam Smith is shouting “See? SEE, motherf***ers? Who’s the man? I toldjaso!”

And none, repeat NONE of those falling petrol prices had Thing One to do with tax breaks for millionaires. No, oil prices are falling because of supply and demand. Once again, class, all together: “supply AND demand”. But of course, “republicans” don’t care about anything but the supply side. Because that side has all the friggin’ millionaires and billionaires that can (and do) buy Teapubbie Senators and Congresscritters.

This blog has ofttimes posted about the complete and utter failure of supply-side “economics”, and the laughable Laffer Curve that it is based upon. (Click the links, Gentle Reader, lots of supporting data to be found if you folllow the breadcrumbs.)

Once again, all of the Post-Reaganista bulls*** has been exposed, in all of its fetid, malodorous splendor. The American economy used to grow, before these dark days, because sensible adults recognized that all sides and strata of the economy are interrelated, and that we needed to manage supply and demand, the rich and the poor, and everything in between. But because of the Voodoo Wing of the “Republican” Party (and by that we mean, “the entire f***ing GOP”) focusing ONLY on the supply side, we have naught but deficts, crumbling edifices, and corruption all around us.

The positive economic effects of falling prices for the consumer prove, once again, that the Teapublican party is, as usual, completely full of s***. Almost as full of it as the idiot voters who voted for them, or failed to vote against them. But hey, enjoy the cheap gasoline while it lasts; until the Teapubbies find yet another way to steal those extra dollars away from us, and hand it back to their supply-side patrons.

Mr. Blunt and Cranky

This writer has been trickling all over supply-side economics for quite some time now, going back to the Reagan era when the idiotic notion first reared its ugly-assed head. And so have many others. But Pope Francis has outdone us all.

Here is Francis taking the academic approach:

“Some people continue to defend trickle-down theories which assume that economic growth, encouraged by a free market, will inevitably succeed in bringing about greater justice and inclusiveness in the world,” Francis wrote in the papal statement. “This opinion, which has never been confirmed by the facts, expresses a crude and naive trust in the goodness of those wielding economic power and in the sacra­lized workings of the prevailing economic system.”

“Meanwhile,” he added, “the excluded are still waiting.”

And here he is with the killer phrase, offering a perfect summation of Voodoo Economics:

The promise was that when the glass was full, it would overflow, benefiting the poor. But what happens instead, is that when the glass is full, it magically gets bigger, and nothing ever comes out for the poor”.

Being a descendant of Huguenot refugees who fled from the terrors and crimes of Rome, Mr. B & C has long felt (and continues to feel) a huge antipathy towards the Holy Roman Catholic Church. Screw that organization with a rusty chain saw. They have done immense damage to Jews, Protestants, women, and the LGBT community over the centuries, and continue to to wreak havoc today, bringing misery and death to untold millions. And they rarely (if ever) apologize or make recompense for their crimes. So, again, screw that organization.

But let’s give credit where it’s due: Pope Francis has revealed the Laffer-Curve Emperor to be naked. He has brilliantly summed up the con job that was foisted upon the world by a bunch of fake “Republicans”, starting in the late 70’s. He has linked the cause (Supply-Side Economics) to its effect: the historically unprecedented inequality that plagues our planet. He has, in short, truly done God’s work this time.

It may be nothing more than the leader of one criminal organization calling out another: but it is truth. It is a truth that the world needs to hear. So, bless you, Pope Francis. Just for today, and thank you.

Mr. Blunt and Cranky