American - Economist | August 14, 1940 -
Obama is a fine, very impressive person. He really is. Unfortunately, everything that he is doing in economics is exactly wrong. He is a crappy president.
Arthur Laffer
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California is the highest-tax state in the nation and has been for a long time. It has the highest-paid teachers in the nation, by far - $400 a month more than New Jersey - and yet California is the third lowest state on test scores for fourth and eighth grade English and math in the nation, and has been at the low level for a long, long time.
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The states that have large in-migrations of Hispanics are Florida, Texas and California. And Florida and Texas are way above average in educational achievement, while California's the lowest, just about.
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The linkage between tax rates and public services is, if not non-existent, negative.
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Sometimes, tax rate increases create the very problems that the spending is intended to cure. In other words, the tax rate increases reduce economic growth; they shrink the pie; they cause more poverty, more despair, more unemployment, which are all things government is trying to alleviate with spending.
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What you do by having an income tax rate reduction across the board, you really provide great incentives for people to work, produce, and increase output. So I would support a carbon tax in replacement for a progressive income tax.
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I'm worried about economic growth in the United States. And the creation of jobs, output, and employment. And if you tax people who work, you're going to get less people working. And what the carbon tax would do is remove the tax from people who work and put it on a product in the ground.
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A carbon tax by itself would make driving more expensive, that's very true. But in exchange for that, there are going to be more jobs, more output, more employment, and more products available. So really, as long as you're going to collect the revenues you're going to collect, you're going to have to trade off one tax for the other.
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When you look at the government, when the government collects a buck, it's not free. They have to spend resources, the IRS, audits, all this sort of crap, to collect the dollar. I'm not assuming any Laffer curve effect here at all. There are just transactions costs of collecting that money.
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Raising taxes is not a frivolous venture that you do on the editorial page of 'The New Republic,' for god sakes. It's something that you really have to think about and go through carefully.
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Taxes are not trivial - they're a huge portion of this overall economy. And that's why I focused on them.
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