Alarming News: I like Morgan Freeberg. A lot.
Anti-Idiotarian Rottweiler: We were following a trackback and thinking "hmmm... this is a bloody excellent post!", and then we realized that it was just part III of, well, three...Damn. I wish I'd written those.
Anti-Idiotarian Rottweiler: ...I just remembered that I found a new blog a short while ago, House of Eratosthenes, that I really like. I like his common sense approach and his curiosity when it comes to why people believe what they believe rather than just what they believe.
Brutally Honest: Morgan Freeberg is an intriguing guy...[he] asks great questions and answers others with style, flair, reason and wit. On the blogroll he goes. Make him a part of your regular blogospheric reading. I certainly will.
Brutally Honest: Morgan Freeberg is brilliant.
Common Sense Junction: Misha @ Anti-Idiotarian never ceases to amaze me. He keeps finding other good blogs. I went over to A.I. this morning for my daily Misha fix and he had found this guy named Morgan Freeberg in Fair Oaks, California, that has a blog, House of Eratosthenes. Freeberg says its "The Blog That Nobody Reads" but it may now become the blog that everybody reads.
Jaded Haven: Good God, Morgan, you cover a topic from front to back with a screwy thoroughness I find mind boggling. I'm in awe of your thought proccesses, my friend, you're an exceptional talent. You start by throwing in the kitchen sink, tie in someone's syphilitic uncle, bend around a rip tide of brilliance and bring it all home in a neat, diamond dripping package of an exceptionally readable moment of damn fine wordsmithing. I love reading you.
Mein Blogovault: Make "the Blog that No One Reads" one of your daily reads.
Philmon: When Morgan meanders, stick with him - he's got a point and it'll be worth it in the end. He's not a hit-and-run snarky quip kind of guy. The pieces all fall into place like tumblers in a lock and bang! He's opened a cognative door for you.
Rightlinx: Morgan at House of Eratosthenes is one of the best writers out there. I read him nearly every day because he manages to provide an interesting perspective, even though I don't always agree.
Poetic Justice: Cletus! Ah gots a laiv one fer yew...
Over the past few years, I’ve shown lots of evidence from around the world (England, Spain, and France) and in various states to make the case that it is foolish to ignore the Laffer Curve. Not surprisingly, leftists never seem to learn.
More recently, I’ve explained why Obama’s class-warfare tax policy is especially misguided because of Laffer Curve effects.
But I sometimes wonder whether I make any progress with these arguments. Maybe I’m being too much of a wonk? Perhaps I need an example that strikes a chord with regular people.
I don’t know if that’s true, but let’s give it a try. I now have an example of the Laffer Curve for the MTV audience. Best of all, the story is from USA Today.
The IRS got red-faced trying to collect the new tanning tax, burning a hole in estimates on how much the levy would bring in to federal coffers, a new report said Thursday. …Tanning tax receipts for that nine-month period totaled $54.4 million, the report found. That was below projections by the Congressional Joint Committee on Taxation, which had estimated the tax would raise $50 million in the last three months of fiscal year 2010 and $200 million for the full 2011 fiscal year.
Let’s deconstruct the numbers from the article. The Joint Committee on Taxation estimated that this new “Snooki” tax (part of the awful Obamacare legislation) was going to raise about $50 million every three months.
Yet during the first nine months, the tax raised just $54.4 million, not $150 million.
To be fair, some of this huge revenue shortfall may be a result of short-run factors associated with levying a new tax, but does anyone think the actual revenues will match the JCT’s estimates at any point in the future? If you think that will happen, get in touch with me so we can make a friendly wager.
Since Laffer, it has strangely become a left-right point of disagreement when we consider the potential behavioral change shown by people in response to a changed economic incentive, with the “right” side of the spectrum predicting the change will occur and the “left” side of the spectrum insisting it won’t, that people will just stand still like stationary architectural structures, takin’ it.
Time was when it was the foundation of what we call “economics” to believe that altered prospects bring altered behavior. After all, if this is not the case, what is there to study?
It has all become a bit embarrassing to watch. The local newspapers, as I have observed repeatedly — since it happens repeatedly — plaster all over Page B1 all the sob stories about the welfare cases who don’t know what they’re going to do with the budget cuts that are coming. At the federal, state and county level there is weeping, wailing, gnashing of teeth about the red ink and the shortfalls and the “crisis” and the missed deadlines and the defaults and the expanding deficits…the talking heads go on the Sunday morning talk shows to spew their gibberish about “the discredited Laffer curve,” someone makes that tragic observation that “the money’s gotta come from somewhere” and so there is a tax increase. Wait for the seasons to change a couple times, and we have the stories like what you see in USA Today: It was expected to take in X, it actually took in less than X. Unexpectedly.
But pay no attention to the curve behind the curtain.
Then we go back, Jack, and do it again.
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