Top Definition
Economic advisor to President Ronald Reagan and one of many Keynesian morons who mocked Austrian economist Peter Schiff when Schiff accurately predicted the economic recession of 2007

Also famous for a correct, but totally worthless, truism known as the Laffer curve
Person 1: Hey, did you see that video from 2006 where Peter Schiff said that we would soon face a credit crunch and enter a recession and Art Laffer countered that the economy was in better shape than ever?

Person 2: Nope. Who's Peter Schiff?

Person 1: Just watch the video on YouTube...

Person 2: (Watches video) Wow! I bet that Art Laffer guy feels like a total moron now.
by SouthernAnCap December 05, 2011
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