A very strong case could be made that the most influential economist in the world in recent decades has been Arthur Laffer. Ever since the 1970s, Laffer has been at the tip of the spear of the global tax reduction frenzy. He has influenced the economic thinking of great leaders ranging from Ronald Reagan and Margaret Thatcher to Jerry Brown and Donald Trump.
Read More...A major driver of these failures is the alliance between left-leaning politicians (mostly, but not exclusively, Democrats) and public unions. As state and local budgets have fattened, public employees have captured a growing share of the rising revenue. Connecticut, the state with the second most heavily unionized public workforce, introduced an income tax in 1991. According to a Yankee Institute report, state revenue has since expanded 71% faster than inflation. The fastest growth has been spending on employee benefits and debt payments—aptly termed “nonfunctional spending.Public s
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