Read time: 2 minutes

Quack Economist Blames Obama For Great Recession

Seems the financial crisis that began in 2007 was all Obama's fault. Who knew?

Fox News has a whole stable of quack scientists and so-called "experts" it enlists that basically work at the
behest of the rich and powerful, and for the detriment of everyone else. So when they have Art Laffer on to critique Bernie Sander's tax proposals you sort of expect the outlandish. It's just what he does. Laffer may have outdone himself though when he blamed Barack Obama for the financial crisis that began in 2007, almost two years before Obama came into office.

Not one word of pushback from Martha McCallum, of course.

Source: Raw Story

On Monday, right-wing economist Arthur Laffer went on Fox News and warned that if Bernie Sanders is elected president, he would cause a financial crash just like the one Barack Obama caused in 2007 — two years before he took office.

“By giving to those who have a little bit less, you provide them with an alternative source of income, other than working, and they too will produce a little bit less,” said Laffer, who is best known for his belief that tax revenues will go up the more you cut taxes for the rich, and who helped design the package of tax cuts that wrecked the state of Kansas. “Now this is math. It’s not left-wing, right-wing, Republican, Democrat, it’s not liberal or conservative. It’s just plain economics.”

“Whenever you redistribute income, you reduce total income, and that is what [Sanders is] doing, and I’m very afraid that if he were elected, we would have an enormous crash in the market,” said Laffer. “Now that crash would come in anticipation of his election, but it’s much like Obama, who I believe was the reason we had the Great Recession. As he got closer and closer to winning, the markets collapsed.”

Can you help us out?

For 16 years we have been exposing Washington lies and untangling media deceit. We work 7 days a week, 16 hours a day for our labor of love, but with rising hosting and associated costs, we need your help! Could you donate $20 for 2020? Please consider a one time or recurring donation of whatever amount you can spare, or consider subscribing for an ad-free experience. It will be greatly appreciated and help us continue our mission of exposing the real FAKE NEWS!

More C&L Coverage


We welcome relevant, respectful comments. Any comments that are sexist or in any other way deemed hateful by our staff will be deleted and constitute grounds for a ban from posting on the site. Please refer to our Terms of Service (revised 3/17/2016) for information on our posting policy.