On Saturday night when my fiancée fell asleep at like 7:30, I was like, “Well I’ll just mess around on the computer until she wakes up from her nap.” Turned out it wasn’t a nap, her body just requires 15 hours of sleep.
So anyway, in the course of my interneting, I ended up caving and creating a twitter account. I came across this tweet from Bob Krause, former member of Iowa’s House of Representatives and the Democrats’ candidate against Chuck Grassley in the 2010 Senate race:
@KrauseForIowa: Effective tax rate lowest since 1958 and economy still in crapper.Any better proof that the Laffer Curve is, well, laffable? #tcot #tlot #p2
Seeing as how that has nothing to do with the Laffer Curve and I’m an asshole, I replied:
@PartyManRandy: So why didn’t you just say, “I have no idea what the Laffer Curve is”? Would have been simpler and less embarrassing for you
To my surprise, he replied back, and continued to reply. Here is how it all went down from there:
@KrauseForIowa: I understand the #Laffer
curve very well.Unusual structural changes got it to work for Reagan. Hasn’t worked since.
@PartyManRandy: Thats not what it means. It says at 0% and 100% tax, the gov gets no revenue. About finding rate that maximizes revenue.
@KrauseForIowa: Every major federal tax cut in 20 year has cost net revenue.Only Cargo cultists in GOP hope 4 different outcome
@PartyManRandy: Even if that’s true (it’s not), it in no way disproves Laffer Curve. It is not necessarily about lower=better. Try google.
@KrauseForIowa: Hear of back-bending Laffer curve?People have so much they don’t work.Test it on trust babies that you know.
@KrauseForIowa: How do you know back-bending Laffer curve doesn’t occur? Why do people retire early?You show economic illiteracy.
@PartyManRandy: You’re responding to the wrong tweet. You show multiple forms of illiteracy.
@KrauseForIowa: The only truth in the Laffer Curve is that propagandists on the right have brainwashed young fellows like you.
@PartyManRandy: Laffer Curve: 0% and 100% tax brings in 0 revenue. Max rate lies somewhere in between. Which part is not true?
@KrauseForIowa: Many people don’t subscribe 2 Laffer curve as good policy instrument, including Reagan budget director Stockman.
@PartyManRandy: The Laffer Curve is not an economic policy, it is an undeniable fact of economics. Seriously, read the wiki page I linked.
@KrauseForIowa: Read Economics Nobel Lauriet Paul Krugman on Laffer. NYT Aug 10, 2010.
@PartyManRandy: The Laffer Curve is not Laffer’s economic policy. It’s an idea that was used by many before Laffer, including Keynes.
He did not respond past that. Apparently Paul Krugman didn’t have an article explaining what your talking points should be if someone points out that you don’t know what the Laffer Curve is. It was like if a Republican said, “Obama’s policies have kept growth low and created high inflation. Do we need any more proof that the idea of supply and demand is, well, stoopid?!”
And I’m not very familiar with the ins and outs of twitter, but I’m pretty sure this means I’m next in line for one of Iowa’s Senate seats.