To quote an ex-President, "There you go again."
Arthur (Voodoo Economics) Laffer is back with more sage advice for us ("California Is Ripe for Revolt Again," with Joel Fox, Column Right, Oct. 21). I am sure that you will remember Laffer's economic plan for the Reagan and Bush administrations. It was, in a nutshell, to max out on the credit cards and let the kids pay the bills after we die. Now Laffer accuses us of "sloppy thinking" and points out that "the candidate who first calls for a serious across-the-board tax cut would very likely (win)."
We would be well advised to recall that Laffer's advice on a national level was a disaster. Perhaps we should pay heed to the ancient Chinese proverb, "Fool me once, shame on you. Fool me twice, shame on me."
FREDERIC W. GRANNIS JR.
* Laffer and Fox attribute all of California's economic success during the 1980s to the Proposition 13 tax cuts, and all of its malaise during the 1990s to state tax increases in 1990 and 1991. In so doing, they have blithely violated the ceteris paribus (other things constant) condition cited in chapter one of every introductory economics text as one of the pitfalls to avoid in economic thinking.