Word: laffer
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Dates: during 1970-1979
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...much as in France, West Germany and Italy and less than a quarter as much as in Japan. In 1950 it took seven Japanese or three German workers to match the industrial output of one American; today two Japanese and about 1.3 Germans do as well. Says Economist Arthur Laffer: "The U.S. is the fastest 'undeveloping' country in the world...
...more rigorous hotseats), is still muddled. The governor sounded like a freshman who discovered in the second semester of Ec 10 "what's wrong with the economy," eagerly explaining to his roommate "what we should do." That he is not alone in his lunacy in this day of laughable Laffer curves" and state calls for Constitutional amendments on national economic policy is the most that can be said in defense of the endlessly adaptable Californian...
...taxes without cutting services, and I want to know what services are going to be cut." The still untested Kemp-Roth theory may prove to be reasonably correct, but G.O.P. Congressman John Anderson of Illinois sardonically admits: "The average voter does not understand how the Laffer curve works, and neither...
...Laffer, who argues that a tax reduction would stimulate business activity, which in turn would generate new tax revenues to make up for the lower tax rates. Republicans have thus been able to urge tax cuts without having to say what programs should be cut?implying that there is a delectably free lunch after all. But it has not been an easy message to sell to an electorate skeptical of political promises. For many conservatives, it is too extreme a departure from traditional doctrine...
...family that earns more than $567 a month forfeits free medical care. Food stamps worth $48 a month are progressively reduced to zero at an income of $500 a month. Concludes Laffer: "Far from being an assault on the poor, a tax cut, along with some changes in benefit programs, would help lower-income groups...