Most of you here will recognize this image:
For those of you who don't, a brief explanation:
The underpants gnomes appear in an episode of "South Park" where the father of Tweek (one of the schoolkids) has received an offer from "Harbucks" to buy out his coffee shop. Tweek's father enlist the boys to write a paper about the evils of big corporations and how small family businesses are better for the economy. The boy's get a lesson in economics from the "underpants gnomes", small creatures who for mysterious reasons steal people's underwear.
As seen in their chart, their explanation on how profit is made leaves a bit to be desired. It looks a lot like the economic policies being espoused by most Republicans running for Congress these days:
Lower taxes on the rich = ? = more jobs for everyone
I therefore propose that from now until Election Day, any discussion of Republican proposals to keep the Bush tax rates on upper-income Americans be called out for what it is: Underpants Gnome Economics.
I've been seeing the idea, if not the actual term, sprouting in several diary comments around here and a several other sites, most notably at Think Progress (here, here, and here). And with the Republicans unwilling or unable to explain how they plan to fill the $4 trillion dollar or so budget gap that would be caused by renewing all of the Bush tax cuts (witness Carly Fiorina's attempt to whitewash it with Chris Wallace on Faux News of all places), I think it is a meme whose time has come.