this post was submitted on 27 Aug 2025
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The only thing funny about the Laffer curve is how little it now matters.
It was used to justify Reagnomics, which then immediately proved we weren't nearly as high on the Laffer curve as we assumed. Because of this, we have concrete evidence that lowering taxes on the rich doesn't increase government revenues.
Yet we're still doing that 50 years later. Despite the only vaguely scientific thing behind it proving it doesn't work decades ago.
Imagine being in a catholic family, reading the Bible, and always walking away thinking that Judas did the right thing (despite everything else the Bible says). That's US economic policy for the last 50 years.
Again!
My favorite paper published last year includes the following, now scientifically proven statements:
https://www.sciencedirect.com/science/article/pii/S003801212400003X
So economically speaking, Econ math just proved that we need to eat the rich in order to improve anything.
From the same paper above:
Wdy think of Gary's Economics?
I'm a fan :) Not many multi-millionaires are out there making YouTube videos about wealth concentration being bad. But he is. And he's very well spoken, highly intelligent, and knows what he's talking about (at least 99% of the time). It's refreshing to say the least. Here's hoping he keeps gaining traction and a wider audience🤞 If anyone can get people to understand how to fix our system, it's him.
I am glad. I thought he passed the sniff test.