Skip to content

The total impact of the Reagan tax cuts on capital lowered the effective cost of capital to American industry by an estimated 1.2 percent. Unfortunately, the Laffer curve did not work as advertised. Lower tax rates did not produce more tax revenues. They produced deficits.

— Robert Kuttner The Economic Illusion (1984)

Another quote →

More quotes by Robert Kuttner

When laissez-faire creates instability, the move to a freer market can be something less than pure gain.

The Economic Illusion (1984)

The economic illusion is the belief that social justice is bad for economic growth.

The Economic Illusion (1984)

In practice, a good deal of the outcomes produced by the market reflect nothing more than luck — good or bad.

The Economic Illusion (1984)

Technological advance often thrives in sheltered and subsidized markets, which defy free trade.

The Economic Illusion (1984)

Henry Ford, in a sense, was the first Keynesian. He paid his assembly workers high wages so they could afford to buy his cars.

The Economic Illusion (1984)

All Robert Kuttner quotes →

Attribution

Quote text and notes from Wikiquote: Robert Kuttner (page history), available under CC BY-SA 4.0. Source quality and labels are our own summary of what Wikiquote records.