I've always called it "the Laffable Curve". That is, the entirely bogus economic "theory" (less "theory" than assertion) that cutting marginal tax rates increases income tax revenues. It never was true, it was an insult to common sense that it was ever rolled out on a public stage. Unfortunately, the result of that rollout was further proof of the accuracy of Mark Twain's observation, "The problem with common sense is that it isn't very common."
So it was with no little amusement that today surfing the web that I ran across this item at Gawker:
Supply-side Hero Arthur Laffer Sued for Hyping Ponzi Scheme. It was with some disappointment that I discovered it wasn't for his public policy prescriptions, but rather a purely privatized "investment plan".
Excerpts below the Doodlebug.