Laffer: How To Fix The Economy

Discussion in 'Economy' started by PoliticalChic, Aug 11, 2011.

  1. PoliticalChic
    Online

    PoliticalChic Diamond Member

    Joined:
    Oct 6, 2008
    Messages:
    55,677
    Thanks Received:
    15,568
    Trophy Points:
    2,190
    Location:
    Brooklyn, NY
    Ratings:
    +24,781
    1. The only way President Barack Obama can solve the nation’s economic woes is to adopt “common-sense” Reaganomics, the policy’s architect Arthur Laffer claims in an exclusive Newsmax interview. Laffer said the White House called him in the spring and asked him to speak to Obama’s former Council of Economic Advisors’ chairman Austen Goolsbee – and he had told him exactly the same thing. “Reaganomics would fix any economy that’s in the doldrums,” Laffer said. “It’s not a magic sauce, it’s common sense.

    2 “You’ve got to get rid of all federal taxes in the extreme and replace them with a low-rate flat tax on business net sales, and on personal unadjusted gross income. That’s number one. “Number two, you have to have spending restraint. Government spending causes unemployment, it does not cure unemployment. “Number three, you need sound money. Ben Bernanke is running the least sound monetary policy I’ve ever heard of," Laffer said. “Number four you need regulations, but you don’t need those regulations to go beyond the purpose at hand and create collateral damage. The regulatory policies are really way off here.

    3. “And lastly you need free trade," Laffer said. "Foreigners produce some things better than we do and we produce some things better than foreigners. It would be foolish in the extreme if we didn’t sell them those things we produce better than they do in exchange for those things they produce better than we do.”

    4. Laffer said he has no doubt the country will win its top rating back, but only when economic policies are completely turned around. He said President Barack Obama’s administration’s only economic plan seemed to be to expand government ownership of the means of production. “They have nationalized the health care industry pretty extensively. They’ve done that with home building as well. They’ve tried it with the auto industry as well. So they have moved very, very deliberatively and purposefully toward extending the government ownership of the means of production.

    5. “People don’t work to pay taxes, people work to get what they can after taxes. It’s that very private incentive that motivates them to work. If you pay people not to work and tax them if they do work, don’t be surprised if you find a lot of people not working.”

    6. Laffer had high praise for the role the tea party has played in bringing the problem of the deficits to the fore. “The tea party is not the problem, the tea party may well be the solution,” he said. “They are critical to the future of the country in a positive way. They are the only fiscally sound people I know out there all the time. “I don’t know that I would go as far as they go on a lot of issues but I surely respect their movement very much.”
    Laffer: Obama Must Use Reaganomics to Save Economy
     
  2. AVG-JOE
    Offline

    AVG-JOE American Mutt Staff Member Gold Supporting Member

    Joined:
    Mar 23, 2008
    Messages:
    22,887
    Thanks Received:
    4,879
    Trophy Points:
    260
    Location:
    Your Imagination
    Ratings:
    +7,014
    I'll take a return to a tax code as it was under Reagan... it's a hell of a lot closer to fair than what we currently have. The T-party is self-hamstrung and can't go back to Reaganomics as it would raise taxes on the rich, but Reaganomics would be closer to fair than what we have now.

    Google Search: US Tax Law

    Simple = Fair

    The answer is fair taxes and a budget balanced by law.
     
  3. Toro
    Offline

    Toro Diamond Member

    Joined:
    Sep 29, 2005
    Messages:
    50,694
    Thanks Received:
    11,041
    Trophy Points:
    2,030
    Location:
    The Big Bend via Riderville
    Ratings:
    +24,995
    Arthur Laffer has probably done more damage to the intellectual bearings of American conservatives in this country than anyone else in the last 50 years.
     
    • Thank You! Thank You! x 2
  4. elvis
    Offline

    elvis BANNED Supporting Member

    Joined:
    Sep 15, 2008
    Messages:
    25,882
    Thanks Received:
    4,303
    Trophy Points:
    0
    Ratings:
    +4,303
    I still wanna know at what point that curve turns.
     
    • Thank You! Thank You! x 1
  5. Ravi
    Offline

    Ravi Diamond Member

    Joined:
    Feb 27, 2008
    Messages:
    81,318
    Thanks Received:
    12,691
    Trophy Points:
    2,205
    Location:
    Hating Hatters
    Ratings:
    +29,747
    I think Laffer is why our economy is in such bad shape. Perhaps not purposely on his part, but certainly in the way the Republicans have applied his viewpoint.
     
  6. Cuyo
    Offline

    Cuyo Training a Guineapig army

    Joined:
    Feb 17, 2010
    Messages:
    5,681
    Thanks Received:
    942
    Trophy Points:
    98
    Location:
    Denver, PA
    Ratings:
    +942
    Laffer's a joke, long debunked. You gotta be kidding me with this shit.
     
  7. Ravi
    Offline

    Ravi Diamond Member

    Joined:
    Feb 27, 2008
    Messages:
    81,318
    Thanks Received:
    12,691
    Trophy Points:
    2,205
    Location:
    Hating Hatters
    Ratings:
    +29,747
    Oh, wait....if PC's quotes are for real, Laffer is definitely at fault.

    Take the one about taxing people that work makes them not work. That's just retarded. If you are still making a profit, more than likely you'll just work harder.
     
  8. Toro
    Offline

    Toro Diamond Member

    Joined:
    Sep 29, 2005
    Messages:
    50,694
    Thanks Received:
    11,041
    Trophy Points:
    2,030
    Location:
    The Big Bend via Riderville
    Ratings:
    +24,995
  9. Wiseacre
    Offline

    Wiseacre Retired USAF Chief Supporting Member

    Joined:
    Apr 8, 2011
    Messages:
    6,025
    Thanks Received:
    1,192
    Trophy Points:
    48
    Location:
    San Antonio, TX
    Ratings:
    +1,194

    Really? Based on what?
     
  10. Toro
    Offline

    Toro Diamond Member

    Joined:
    Sep 29, 2005
    Messages:
    50,694
    Thanks Received:
    11,041
    Trophy Points:
    2,030
    Location:
    The Big Bend via Riderville
    Ratings:
    +24,995
    By imbuing a deeply held belief in the American right that pretty much no matter what the rate of tax - any tax - it can be cut and pay for itself.

    Most conservatives around the world don't believe this. But they do in America.
     
    • Thank You! Thank You! x 2

Share This Page