Celebrity economist Arthur Laffer, who was a paid consultant for Gov. Sam Brownback’s tax policies, admitted that his dire predictions about U.S. inflation were wrong. Laffer warned in 2009 that Federal Reserve monetary policies could be more inflationary than the policies of the 1970s, when the inflation rate was in the double digits and the value of the dollar collapsed. That hasn’t happened. “Inflation does not appear to be monetary base driven,” Laffer has now concluded. So far, Laffer’s predictions that Kansas’ tax cuts would unleash strong economic growth haven’t panned out either. Laffer also argued on Fox News this week that Congress should abolish the minimum wage, which he derided as the “black teenage unemployment act.”
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