Friday, May 18, 2007

CORRECTIONS For Last Post

Mr. Murphy was kind enough to question my rush to judgement concerning him and Mr. Laffer.
The section in question is this:
"One thing that made me uncomfortable was the correct knowledge that cutting taxes doesn't mean a drop in revenue to the State. With praise from Arthur B. Laffer, Murphy can easily be seen as endorsing the Laffer curve which absurdly suggests the optimal taxing point is the point that generates the most revenue. This is one position that makes Murphy appear to be pandering to Republicans."
Mr. Murphy corrected me with this, "I work for Arthur Laffer. He got really mad when I suggested that he thought the optimal tax point was the one that maximized revenues. He said a journalist invented that and he has never said it, and I've never seen him say it. All he did was make the point that cutting tax rates didn't necessarily make you lose revenue, especially in the long run. If that convinces big spenders to go along with tax cuts, he thought it was a great strategic point."
I believe this is important information we can all use and I hope Wikipedia is challenged in its definition and explanation.
A major concern I had in my writing was NOT to endorse deficit spending by government. The line of Hamiltonian Federalist - Whig - Republican did endorse debt to transfer money to the banking interests. Now that we have a 100% fiat currency, there is no, or less, restraint on spending. Mr. Murphy certainly did NOT endorse this Mercantilism, American System, or corporate welfare.
I may also owe Thomas DiLorenzo an apology as I probably slam people too hard for not coming down on the Rockefellers. (He expressed displeasure with my assumptions.) In the last hundred years that family has done much damage to the country. (Last night I was reading a very good book, Collusion, and it mentioned on page 82 how the University of Chicago put together Albert Wohlstetter and Chalabi. Wohlstetter introduced Chalabi to today's neocons. It looks to me like evil attracts evil.)
I certainly thank these impressive writers for their input.
Note: DiLorenzo and Murphy writings can be read at: www.lewrockwell.com

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