Comedian/faux economist Arthur Laffer, who has been wrong about everything since forever, is making shit up to Tennessee's House-Senate Fiscal Review Committee, because he's a serial liar and an asshole. That can be the only explanation for this comment he made as he lobbied for a repeal of the state's inheritance and estate tax:
At one point, in response to a question about the economic impact on the state of repealing the inheritance tax, Laffer said: "I spent about two hours with Fred Smith three days ago up in Memphis, and he said he's gettin' out of this state if it doesn't happen. And now we don't want to lose FedEx. Fred Smith's a couple of classes behind me at Yale and he's a good friend."
NASHVILLE -- FedEx President, Chairman and CEO Fred Smith said today that economist Arthur Laffer must have misunderstood him last week in Memphis because Smith said he's "never taken a position" on Tennessee's estate tax and has no plans to leave Tennessee.
Jesus, Arthur Laffer is a fucking buffoon. If I were Fred Smith I'd clock him in his ear next time I saw him. You don't just make shit up about people, especially not when you're appearing in an official capacity like a state legislative committee. Mind you, this bit about Fred Smith came after Laffer dropped names like "Ronald Reagan" and "Howard Jarvis." We've all had co-workers like him, self-promoters who tell stories about all the important people they hang with. Yeah, sure, and Fred Smith told you he's not just going to leave the state over the inheritance tax, but that he's moving his entire company! This made sense to people? Seriously?
It's almost funny, in a sad sort of way. Laffer's ridiculous economic theory that lower taxes create more revenue has been debunked a thousand ways to Thursday, but how precious that he has to fabricate a story about a rich buddy to illustrate his cherished point: that removing a tax won't hurt Tennessee revenues as much as keeping it does.
Laffer has less credibility than a two-headed quarter; only in Tennessee would anyone even give him the time of day. I'm sure he was thinking, "Well, somebody, somewhere is gonna leave the state over taxes! Might as well be Fred Smith! People have heard of him!"
Sure, because that's the lie these assholes cling to, isn't it? Corporations will leave America if we don't cut their taxes! FedEx is leaving Tennessee ... over the inheritance tax! Really? Where the hell would they go? Somalia? North Dakota?
God I am so sick of Republicans just making shit up. The incredible hubris it takes to think you can just make up a story and assume no one will bother to check on it, you just gotta wonder: is it intentional? After all, this story about Fred Smith went all over the news wires. I wonder how many of them will run a correction? The Commercial Appeal did - - they had to. Memphis is FedEx's home town. Will the Wall Street Journal? Politico?