Art Laffer is the economist behind what became known as “Reaganomics” — a series of tax cuts and economic policies that led to the boom days of the 1980s.
However, at 81, he still remembers the “stagflation” that Jimmy Carter’s administration produced in the late 1970s, before the Republicans took back the White House. He knows grim economic times when he sees them. And, in a speech Wednesday, he called Democratic claims that inflation numbers are about to improve “nonsense.”
According to National Review, in remarks at the Young America’s Foundation’s National Conservative Student Conference in Washington, D.C., Laffer said there was no way President Joe Biden’s administration would avoid double-digit inflation numbers before the midterms.
And yet, he saw a silver lining to it all.
(Here at The Western Journal, we’ve chronicled how the Biden administration’s free spending and problematic energy policies have led to record inflation numbers — and how they’re unlikely to be reversed anytime soon. We’ll keep bringing America the truth. You can help us by subscribing.)
It might have been Boom Days for those that already had money until Oct.19, 1987. Working people were struggling just like they always will.
Newsflash ! FEMA gives your tax dollars thru united way,catholic charities and others have set up a network around the country to give illegals cash cards,hotel vouchers and many other amenities.
Had the privilege of hearing Dr. Laffer speak in person years ago. Sharp guy and accurate. Still bears listening to.
At the end of the day, and the beginning, each of us make better decisions about our personal spending than the government makes trying to spend on our behalf.
Reduce taxes and let ordinary folks decide where to spend and what to buy. The taxes collected from the businesses they choose always outweigh the ‘lost revenue’ of the tax cuts that enabled the natural stimulus.