Thursday, July 15, 2010

Rubio Economic Nonsense on Bush Tax Cuts

Republican Senate candidate Marco Rubio said the Bush tax cuts should be made permanent. Rubio cited the Bush taxs as a means to help create job growth. Rubio failed to cite an example of how Bush's tax policies help created jobs. Compare Bush job numbers to Clinton.

Rubio is reciting the Laffer Curve. Rubio's former House economic advisor Donna Arduin is a partner in Arduin, Laffer & Moore Econometrics. Laffer Curve creator Arthur Laffer is another partner. The Laffer Curve theory is the less people are taxed the more they will want to work and spend money. There is a point when taxes can become regressive. However, the Laffer Curve is not taken seriously amongst economists. Conservative economists tend to be more honest and come right out and say they want rich people to get tax cuts.

The fiscally conservative Rubio fails to explain how extending the Bush tax cuts will pay off the deficit. Former Federal Reserve Chairman gets a shot of courage and says the Bush tax cuts should elapse.

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