In response to:

Laffer Curve Warning about the Economy and Tax Revenue for President Obama and other Class Warriors

The Teleprompter Speaks Wrote: Nov 29, 2012 11:37 AM
So Obama can just spend it? This money won't be used to reduce the deficit; it won't cover the current deficit much less the proposed increases in spending. There are four lies here: The US doesn't tax enough, the rich don't pay their fair share, the money will be used to reduce the deficit, this is just a little bit more money. How many more lies can we find?

Being a thoughtful and kind person, I offered some advice last year to Barack Obama. I cited some powerful IRS data from the 1980s to demonstrate that there is not a simplistic linear relationship between tax rates and tax revenue.

In other words, just as a restaurant owner knows that a 20-percent increase in prices doesn’t translate into a 20-percent increase in revenue because of lost sales, politicians should understand that higher tax rates don’t mean an automatic and concomitant increase in tax revenue.

This is the infamous Laffer Curve, and it’s simply the common-sense recognition that you should...