We investigate the resiliency of IEEE802.11 rate adaptation algorithms (RAA) against smart jamming attacks. We consider several classes of state-of-the-art RAAs that include the SampleRate, ONOE, AMRR, and the RAA used in Atheros Microsoft Windows XP driver. We model the behavior of these algorithms, and show the existence of very efficient attacks that exploit RAA-specific vulnerabilities as well as the inherent weaknesses that exist in the design of IEEE802.11 MAC and link layer protocol: in particular the overt packet rate information being transmitted, predictable rate selection mechanism, performance anomaly caused by the equiprobability of transmissions among all nodes regardless of the data rates being employed, and the lack of interference differentiation from poor link quality by IEEE802.11 RAAs. In this work, we present algorithms that determine optimal jamming strategies against RAAs for a given jamming budget, and experimentally demonstrate the efficiency of these smart jamming attacks, which can be orders of magnitude more efficient than naive jamming. For example, in the case of SampleRate, eight reactive jamming pulses every second are sufficient to achieve the same network throughput degradation achieved by a periodic jammer with the jamming energy cost 100 times higher. Some of the RAAs react even worse to smart jamming attacks; ONOE in particular suffers from the phenomenon of congestion collapse where the nodes fail to recover from the lowest data rate even after the jammer stops jamming. At the end, we summarize fundamental reasons behind such RAA vulnerabilities and propose a preliminary set of mitigation techniques. We leave the experimental demonstration of the efficiency of the proposed mitigation mechanisms for future work.