Paul Krugman: In 1998, Harvard’s N. Gregory Mankiw, a [Republican] G.W. Bush Economic Adviser, wrote about the damage done by “charlatans and cranks.” He highlighted the economists” who “advised Ronald Reagan that an across-the-board cut in income tax rates would raise tax revenue, [including] Art Laffer. Five years have passed since Mr. Laffer warned Americans that “we can expect rapidly rising prices and much, much higher interest rates over the next four or five years.” His camp agreed but what we got instead was low inflation and record-low interest rates. So how did the charlatans and cranks end up dictating policy in Kansas, and other states? Follow the money.
Posted on: Mon, 30 Jun 2014 07:56:48 +0000
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