Thursday, December 18, 2008
Nashvillian and fabled Reagan economist Arthur Laffer writes overnight in today's Wall Street Journal that President-Elect Obama is wrong about renewable energy and energy independence and would do well to heed Al Gore's advice, as characterized by Laffer: "The only real solution is Al Gore's proposal to offset a carbon tax dollar-for-dollar with either an income or payroll tax reduction. If a carbon tax increase were offset dollar-for-dollar with an income tax rate cut, I for one would strongly support the policy. The economy would benefit because the progressive income tax does far more damage than a carbon tax would, and we'd use less oil. It's a win-win situation." Google Laffer and see how busy this fellow stays, largely because of a curve that people found easy to 'understand'.