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Notorious right-wing economist claims Obama caused the financial crisis — two years before he was elected

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Martha MacCallum and Art Laffer (Image credit: Fox News)

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.”

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“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.”

The actual cause of the 2007 financial crisis and ensuing recession was a runaway mortgage market that bundled together bad loans to sell as high-yield investments on Wall Street. This problem started years before Obama was even conceived of as a presidential candidate. Moreover, the economy rebounded and then some once Obama’s policies were actually implemented.

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Trump’s ‘herd immunity’ advisor has been spreading his quackery behind the scenes for quite a while

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This is not Dr. Scott Atlas’ first rodeo.

It might seem like Atlas came out of nowhere after getting recruited by Stephen Miller at a QAnon meeting. Or you might have him confused with the Atlas who tried to kill Superman in #677 of the superhero series.

Atlas wasn’t famous until he got plucked by Trump from the farthest right reaches of the universe as a pandemic adviser carrying the flag for herd immunity. That, of course, is the theory that says, in effect, that saving the economy in an election year is certainly worth losing a few million lives.

But it turns out Atlas has been on the political scene as a foe of government health care for quite a while. As a creature of the Hoover Institution, a conservative think tank uneasily affiliated with Stanford University, Atlas has left a bit of a paper trail.

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2020 Election

WATCH: Trump supporter cries discrimination during Starbucks mask meltdown

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An argument that erupted between a barista and her customer at a Santee, Calif. Starbucks has gone viral.

The incident occurred when the barista, Alex Beckom, 19, asked her customer to pull her mask up from her chin. The customer was a White woman wearing a Trump 2020 mask. The customer's response was that she was being discriminated against because of her support of President Donald J. Trump.

“F— Black Lives Matter,” the customer told Beckom, who is Black.

The woman then asked for a straw and sugar packets before they parted ways.

Watch the video below.

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You are part of Trump’s callous and covert science experiment — you just don’t know it yet

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It’s understood the president has not done nearly enough to combat the spread of the new coronavirus. It’s understood he’s gotten in the way of states trying to protect residents. What’s not understood, however, is the United States government, under Donald Trump’s leadership, seems to be conducting a science experiment on the American people without telling us, one informed by ideology, not medicine. All things being equal, a second term for the president will not only coincide with a permanent pandemic; it will cause hundreds of thousands more people to die.

This article was originally published at The Editorial Board

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