[meyer]

Laffer hits the nail on the head, though I do question if we'll make it to 2011 before the crash.

I think this sums up the problem with the liberal mindset:

"The composition of wealth also responds to incentives. And it's also simple enough for most people to understand that if the government taxes people who work and pays people not to work, fewer people will work. Incentives matter."

[OregonRancher]

In economics, Hauser’s Law is an empirical observation that, in the United States, federal tax revenues since World War II have always been equal to approximately 19.5% of GDP, regardless of wide fluctuations in the top marginal tax rate.