Art Laffer Predicts Economic Crash in 2011

http://online.wsj.com/article/SB10001424052748704113504575264513748386610.html

Corporations and knowledgeable individual taxpayers are taking their profits now so they can employ the Bush tax cuts for the last time. Since the tax cuts are due to expire Obama thinks he can get by without calling it a tax hike. But taxes will increase across the board and not just above the $200,000 mark. Laffer says that the pre-emptive profit-taking coupled with the economic slowdown that will ensue when the hike hits, will cause an "economic crash" or the "W" we've all been hoping against.

There's not much good news here unless you consider Obama's one term Presidency good news...

I get a kick out of the media who go right along with Bongo the President and the 3 to 4 percent growth rate. I keep the stats also and the economy is not growing. The only growth, if you want to call it that, is in the public sector.

I get a kick out of the media who go right along with Bongo the President and the 3 to 4 percent growth rate. I keep the stats also and the economy is not growing. The only growth, if you want to call it that, is in the public sector.

Bongo? New one on me. Do you mean like the chimp?

Classy.

Anyway, I do not know what stats you are using. Most respectable economists use Gross Domestic Product (GDP).

It shows us on the positive side since September of 2009 and averages better, by far, than the negative GDP of 2008.

Don't take my word for it:

United States GDP Growth Rate

That doesn't mean that we aren't in for trouble. It just means that you are incorrect about recent economic trends.

TerryRC wrote: I get a kick out of the media who go right along with Bongo the President and the 3 to 4 percent growth rate. I keep the stats also and the economy is not growing. The only growth, if you want to call it that, is in the public sector.

Bongo? New one on me. Do you mean like the chimp?

Classy.

A Chimp could do far better than Obama, in my opinion. When it comes to governing the man is a blithering idiot. He is nothing more than prima donna you uses the media for photo ops.

Oh by the way, you are the one that read the racial slur into what I wrote. I meant it as saying he was clown. Gee, Terry, all this time I thought you hated racism and now you appear to be the one that is racist.

TerryRC wrote:Anyway, I do not know what stats you are using. Most respectable economists use Gross Domestic Product (GDP).

It shows us on the positive side since September of 2009 and averages better, by far, than the negative GDP of 2008.

Don't take my word for it:

United States GDP Growth Rate

That doesn't mean that we aren't in for trouble. It just means that you are incorrect about recent economic trends.

Take the federal government out of the picture and then tell me the economy is growing. Show me where job creation exceeds jobs that are disapearing. The only sector that is showing real growth is the public sector. Oh by the way, one of the sets of stats I use comes from the Department of Commerce website. Additionally, just because a group of economists say we are growing doesn't make it so. There are also those who are saying that the growth rate is shewed by the growth in the size of government. So big deal when it comes to the economists and what they say.

Take the federal government out of the picture and then tell me the economy is growing. Show me where job creation exceeds jobs that are disapearing. The only sector that is showing real growth is the public sector. Oh by the way, one of the sets of stats I use comes from the Department of Commerce website. Additionally, just because a group of economists say we are growing doesn't make it so. There are also those who are saying that the growth rate is shewed by the growth in the size of government. So big deal when it comes to the economists and what they say.

Because you know so much more about the whole thing.

Unemployment has steadily dropped in the US since the beginning of the year. The GDP is running in the black.

Show me one source that shows that the ONLY job growth is in the public sector. YOU made the ridiculous assertion that I hear from bozos like Rush. YOU back it up.

Like I said, GDP is one of the best measures of economic growth. So are dropping unemployment rates (linky) (within reason). This is what the experts use.

Perhaps you use a Ouija board, or something. All evidence is that the economy is, tentatively, on the rebound. You have not provided a bit of evidence to the contrary.

That is exactly what I mean. When it comes to governing the man is a blithering idiot. He is nothing more than prima donna you uses the media for photo ops. Everytime I see that man he turns my stomach.

And you felt the same about the last president who never saw a photo-op he didn't like.

Come up with some real criticisms. Otherwise you just look like a rabid loon.

TerryRC wrote:Take the federal government out of the picture and then tell me the economy is growing. Show me where job creation exceeds jobs that are disapearing. The only sector that is showing real growth is the public sector. Oh by the way, one of the sets of stats I use comes from the Department of Commerce website. Additionally, just because a group of economists say we are growing doesn't make it so. There are also those who are saying that the growth rate is shewed by the growth in the size of government. So big deal when it comes to the economists and what they say.

Because you know so much more about the whole thing.

Unemployment has steadily dropped in the US since the beginning of the year. The GDP is running in the black.

Show me one source that shows that the ONLY job growth is in the public sector. YOU made the ridiculous assertion that I hear from bozos like Rush. YOU back it up.

Like I said, GDP is one of the best measures of economic growth. So are dropping unemployment rates (linky) (within reason). This is what the experts use.

Perhaps you use a Ouija board, or something. All evidence is that the economy is, tentatively, on the rebound. You have not provided a bit of evidence to the contrary.

That is exactly what I mean. When it comes to governing the man is a blithering idiot. He is nothing more than prima donna you uses the media for photo ops. Everytime I see that man he turns my stomach.

And you felt the same about the last president who never saw a photo-op he didn't like.

Come up with some real criticisms. Otherwise you just look like a rabid loon.

At least I ain't a racist. As I said take the Federal Government out of the picture and then show me that the economy is growing.

At least I ain't a racist. As I said take the Federal Government out of the picture and then show me that the economy is growing.

You have nothing. I showed you that the economy appears to be growing.

YOU made the statement that it is only due to public sector spending. YOU back it up. You claim to have the evidence, show it.

As I say, it doesn't mean there isn't trouble ahead, but things are not as you say. If GDP is rising and unemployment is dropping, how do you infer that the economy is plunging?

So far you have not provided a single bit of evidence to support your rants.

I see I haven't missed much here.

I already know you are wrong.

Here you go, Willy.

This shows the reasons likely behind recent trends in the GDP. It is not isolated to the public sector.

Of course, these economists aren't as knowledgeable as you on the subject, but still...

http://www.bea.gov/newsreleases/national/gdp/gdpnewsrelease.htm

Is this guy one of your "respectable economists"? After all he's the chief economist for the AFL-CIO.