We're In The Middle Of A Massive Redistribution Revolution That's Destroying Growth | Dr. Art Laffer
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- Опубликовано: 18 июн 2024
- Dr. Art Laffer, one of the most influential economists of the past half-century, joins Julia La Roche for episode 154.
Dr. Laffer is the founder and chairman of Laffer Associates, an economic research and consulting firm. Known as the "Father of Supply Economics," he is famous for developing the Laffer Curve, a representation of the relationship between tax rates and tax revenue that was foundational to supply-side economics.
Dr. Laffer served as a member of President Reagan's Economic Policy Advisory Board for both of Reagan's terms.
In our wide-ranging discussion, Dr. Laffer shares his insights on the current state of the U.S. and global economy, fiscal and monetary policy, and his outlook for the future.
Links:
www.amazon.com/Taxes-Have-Con...
Timestamps:
00:00 Introduction and Overview
01:08 The Five Pillars of Prosperity
11:13 Factors Leading to the Current Situation
26:08 Addressing Incentives in Politics
30:41 The Flawed Logic of Stimulus Spending
35:17 The Fallacy of Redistribution
37:38 The Impact of Tariffs and Trade Policies
38:04 The Lack of Economic Understanding Among Professional Economists
39:02 The Laffer Curve and Tax Rates
40:19 The Role of Private Money in the Economy
44:34 The Possibility of a Low, Broad-Based Flat Tax Rate
50:25 The Failure of Government-Controlled Money
54:30 Assessment of the Federal Reserve and Monetary Policy
57:23 The Importance of Economic Principles over Political Labels
01:01:50 Future Topics: Medical Transparency, Debt, Enterprise Zones, and Climate Change
#economy #economics #bitcoin
Hey everyone! I hope you enjoy this episode featuring Dr. Art Laffer. Please join me in the comments section with your feedback. Also, let me know who you'd like to see on the show this spring. If you haven't done so, please hit the subscribe button. Thank you for your support. 💙Julia
“Trickle down” is a pejorative invented by opponents of his ideas, which is usually what happens when you don’t have an objective, fact-based argument….
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I really think regardless of your political affiliation that Art Laffer has a POV that is valid and should be debated.
This talk deserves multiple thumb ups
Definitely do a series with this professor!
One of the most important interviews of this year. Actually of this decade!
He has a real grasp for the obvious.
Hardly boring… clear, organized analysis is downright exciting. Art gives me hope
Excellent guest and interview...thanks so much.
Glad you enjoyed it!
What an amazing interview. I love how you let your guests speak without interrupting.
AMAZING interview. Plz have him on again. Love this. We felt like we were in history class. This is a REWATCH
Wow! This guy is amazing. Love he has the guts to call people out. He’s so genuinely honest, with no filters, that’s awesome. Wish every interviewee is as forthcoming, open and unfiltered as Art Laffer.
Looking forward to your future interviews with him, as he is so eagerly offering and willing to do. And would love to view the debates he wants to have with his peers. Hopefully you’ll be able to pull those off.
So glad to hear you’re going to have on Cathie Wood, as I follow her closely. Can you please have as a guest Ric Edelman? As he’s extremely knowledgeable with securing retirement, growing wealth, reducing debt, and all other matters regarding money.
Thanks for the great job Julia.
Art Laffer forgets ...
1) S&L scandal bailout
2) LTCM Hedge Fund bailout
3) TARP bailout
4) BTFP bailout
No. Let's talk student loan bailouts. 😂😂😂
Student loans isn't a bail out. It is the decision to allow people to not pay their bills when they can and should pay them as promised.
@KK-pm7ud
Sure thing, Professor. Any other dvmb things you wanna share?!?
@@michaelfelli7661 No. You have shown yourself to be who I thought you to be.
@@KK-pm7ud
Yeah. Smarter than you.
On April 9, 2020, the FED purchased $2.3 TRILLION of Junk Bonds from dogsh1t companies.
Tell me again, Professor, why they can't buy student loan debt? Go ahead, Professor. Humor me.
The other thing is, the gov/Fed DOES create money out of thin air. They print when they want to. The $600 given to a man example he used COULD just come straight from government printing, rather than taking that $600 from someone else.
Julia Fabulous Interview!! Art another favorite of mine!! I really enjoy Arts economic fundamental critique and analysis. Arts 5 pillars of prosperity realistic point. Then he has the other 5 points to move to solving the problem. Your follow up question how did we get here brings perspective. Refreshing interview. A good question or topic would be- what does the American plan look like to pay down the 34 trillion? What does the constitutional budget look like line by line? I would think we need a 10-20 30 year plan. Art would be for sure one of say 3 people to lay out the plan. Art says he would like to debate. Unfortunately spenders are hard to talk with. Especially Arts Transfer discussion and facts. It would be nice but there needs to be a constitutional solution workshop that would also have to include the Dollar back to the gold std ,the Fed etc. And not to get long winded but real production of products and industry in the USA. Todays interview really strikes me and gets my organizational mind mapping out the constitutional solution to move back to basics of the USA. Thanks again for the interviews and your channel. Refreshing!!
This was such an AWESOME interview. One of the best I've listened to in a long time. I learned so much! Thank you!!
Julia please setup the additional interviews with Dr. Laffer. Thanks
Will do! 💙
Sadly the USA was transformed during WW2 to a permanent Industrial-Militaty- Congressional Complex which requires permanent conflict to support its existence. Col. Fletcher Prouty stated in 1945 1/2 of the arms on Okinawa went to Korea and the other 1/2 to Vietnam, Coincidence? I think not.
Great interview with a real economic guru
What an impressive man. We need more like him! 👍
Yes do the other podcasts. I have listened to him for years but this his best. Thank you for letting him talk uninterrupted. It was very informative.
Excellent guest !
So wonderful to hear someone with some common sense and some great policy’s that would strengthen America with solid solutions.thanks Julia
Very good topic and interview
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What a great (extended!) interview, Ms. LaRoche. Dr. Laffer is from an innocent and unified America that in many ways, doesn't exist anymore, sadly. But his economic ideas are eternal, and work everywhere, always if allowed to do so! Thanks for the content.
Glad you enjoyed it!
I vote we have him back.
One reason distribution doesnt necesarily lead to less income is people need a certain amount of resources and security to work at their highest efficiency. They need to be healthy, for example. Keeping your population sick and weak doesnt give you higher productivity because you think they are incentivized. On top of being physically unable they are demoralized. Parents that cant afford day care arent going to be optimal workers if one has to stay with the children. We redistribute wealth because it actually benefits society to make sure these services are distributed. Education is another obvious example
This was an amazing episode. Art Laffer is a very educational and entertaining guest 😂
Fantastic comments about the other economists and redistributionists!! Art is 100% correct. I hope he is advising the next administration to correct the current malaise.
On another of his podcasts he mentioned he would love to do an interview on property tax. One of the few people I love to listen to on the economy.
Thanks for sharing. Matthew 25:14-30 Parable of the talents confirms the saying “Heaven helps for those who help themselves”.
I don't agree with all the statements made by Dr. Laffer but I do follow his arguments. And he makes some strong arguments!
One of the most approachable/understandable economists since Milton Friedman.
There is a value for free trade, and it is important that it be recognized for clear analysis of the goods and services traded internationally.
I've just started listening to your guest over the past couple of months. I really benefit from his point of view
Great guest
Wow! Of the best podcasts on the economy I have ever heard. Well done!
Big bravo for another interesting guest, Julia! As well as for the class of true applied economics!
One of the most excellent guests you had ever on.
I found it really funny when he said that former President Clinton was a creepy person, but very good on economics. I actually liked Clinton's personality, his intelligence, and his ability to connect with the average American and speak extemporaneously.
I really liked him I didn't think I would but he is right on
This was absolutely fantastic. Such a great guest and I took so much away from the conversation. Thank you!🙏🏼
I have lots of respect for Dr. Laffer. I got a kick out of Charles Payne congratulating/ribbing him earlier this week on being on a short list of Fed chairs should Trump get elected. Thank you both for the interview!
I asked what he'd do if he were Fed Chair toward the end 😊
Julie, you discussed with Dr. Laffer a future show with him and a liberal economist. I would love to see that discussion cover the fallacies of MMT.
The Econ 101 masterclass ❤😊
🎉🎉🎉
Thank you Mr. Laffer ! Amazing content!!! We want moreeeèe
Look forward to the next video. I would love to be able to submit questions to the points or premises I don't either understand completely, or disagree with; as a teacher I'm sure he would be happy to teach. Maybe a link provided to answer when he has time, or if even reasonable to answer. (hopefully there would be enough serious questions of those truly wanting to educate themselves) I've admired his work since he was in the Reagan Admin.
Great interview !
Strong work Julia!! Love your podcast
Thank you so much!
One of the sessions I’ve seen in quite awhile! Thank you!
Great job Julia!
Subscribed ✅
What a bright and wonderful man. Great interview.
Dr. Laffer is a great economist and I believe in the Flat Tax plus.....in my Luxuries Tax because Luxuries is a status which can be well covered by Insurance. The only inequities, to be disputed of course is what is Luxuries and what is not. For instance, if a car's price is XYZ and somebody pays X2 has every right to buy. So, Government taxes on Insurance companies should rise also. No Free Lunch to Insurance providers in general. 🎉 Thanks.
Been a fan of Dr. Laffer for decades! One of my earliest influencers to embrace the Austrian school.
Dr. Laffer for president!
Yes and yes.
Julia, you are so kind and unbiased with all your hosts. Don’t change ever. If you ever want to eat good Indian food then please come home. My family would love to have you. People just don’t do something like this anymore. Invite home for food is the most heartwarming experience for many.
Best video yet. More of Laffer and have him debate Paul Krugman.
Love it, please have him back
One of the best guests I’ve heard on here.
Hopefully he will do the extra shows you spoke of.
Good job out of you !!!
We definitely will 😊
Excellent interview! Thank you.
So clear and precise thank Julia spot on stuff!
🙌🏻👏🏻👏🏻👏🏻 Great Guest & Interview!!! 🌟
This is the guy that watched and oversaw Reagan spend a ton of money while cutting taxes. What a clown.
Still he’s saying is hard to be a government official because you have to lie and do shit you don’t wanna do
@@jonjonpr787 lol it’s much much worse in the private world. At least in the government area you have some job protections in place. It’s why the further you go up the chain, the bigger sociopaths and cowards you’ll find
Absolutely loved this. Watched to the end as I’m sure I would if there were more!
Thank you so much. We'll do more of these. 💙
A great man! That just about sums it up...
my humble obesiances at this mans noble feet ....enlightening to say the least
In the 1950s taxes were very high, and that was a decade of tremendous growth.
This guy is the best.
He's maintained the look after all these years....and his theory being wrong just as long
Fantastic podcast!
Thanks so much!
I love art Laffer
He is very sharp for 83 years old.
Love your channel Julia.
Thank you 😊
Love this interview.
As they tax me more; I try less but pretend more 😊.
As they raise tax; I charge my customers more, simple as that. 😊
At first i thought "ah great, another career academic." But then i found most of this guy's stance to be quite accurate and would love to see him on again!
The parts i dont agree with, are not ones i necessarily disagree with, but rather wpyld like to see him dig into more. This relates to taxes in a few ways:
1) what about privatizing or creating more co-op based revenue systems, rather than making everything political. You pay for what you want to use, maybe with some excess for what you don't (even if just not at that stage in life), and make it competitive to get those things in place.
2) remove tax rates that can change or increase in total amount from purchased assets (i.e. you shouldn't pay more for infrastructure for government and nearby infrastructure because of a paper gain on real estate due to someone else nearby paying more for their property than you did -- the newcomer should always have to pay for the increased cost).
3) hold federal government accountable by pricing everything in states in some relatively stable money or basket of goods, so that it is clear to all who are blind or uninformed as to what is going on. States can aim for price transparency without actually creating a new money, but instead just making it easier to view the dabasement of dollars. Those states who implement such a system will effectively outcompete states that do not, becuase the states that do not will be disproportionately taken advantage of to the point of irrelevance, making the winning states hold more austority over decision making at the federal level to scale of the system of accountability and reinstate a means of a balanced budget.
His ideas are still academic from the opposite side of the table. It's pretty easy to pick most of it apart. Like the premise the rich will always avoid taxes as a fact of nature, when it's really just a choice to allow it with loopholes. Sure, if you give them an alternative they will take it like everyone else, but it doesn't have to be that way
Economic investigator Frank G Melbourne Australia is following this informative content cheers Frank 😊
Much said is true and idealistic but for 7 years running Finland and its neighbors earn the happiest countries ranking while the USA drops out of the top 20. The ultra rich do not pay taxes as they have Trusts, Foundations and Off shore accounts. The USA is a corporatocracy with Blackstone and a few others owning most of the wealth. With robotics and AI there is less need for large populations. The waste engineered by built in obsolescence is astronomical. The G7 Globalists want their Corporatocracy to be even more global and controlling while they continue their illegal schemes , see Ronald Bernard.
Art's monetary knowledge should be mandated in AI programming! What a brilliant mind!
Thanks
Hallelujah 🙌- absolutely 💯!!!
Insider information is already priced into the market ! 😮
Free trade is great - when both sides of the trade have the same freedom.
But if the EU or China slap tariffs on us - which they do - one cannot foolishly remove your own.
Adam Smith - the Father Of Free Trade in his book “Wealth Of Nations” has 2 instances when Free Trade does NOT apply:
1) National Security “stuff”
2) when Nations dump their goods on another country, and take no goods back. (In his day it was ships unloading, and returning with only “ballast”. England was doing that)
Free Trade for it to “work” must be reciprocal.
Usually if I like it I give it a thumbs up, very seldom do I subscribe simply because of the content. The content's good but not good enough, and most of the time it gets boring. I don't have to agree with everything, I'm after information that I can decide whether it's right or wrong. After listening to this podcast it was a no-brainer to subscribe. Thanks Dan
Hi Dan, Thank you so much. I'm grateful.
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Julia
Art….this just isn’t ever happening…..low rate broad based tax? Lower taxes for Buffet…..higher taxes for the poor? Cmon Art…..let get a serious plan.
GOAT
@23:00 Yes Art, but that's a great way to cool the economy while taking care of everyone, which is what we're going to need when the super-rich finally manage to bankrupt everyone. Either that or there's a people's revolution, and the super-rich can use their excess money to build themselves private militias - which is what has happened in many parts of the world.
Politicians deny human nature and the critical effect of morale.
“Hard times create strong men, strong men create good times, good times create weak men, and weak men create hard times.” We're in the phase now of our weak men/women creating hard times.
By outperform he means cutting taxes started off a new speculative inflationary bubble that ends poorly
While you listen to this remember that Trump endorsed his book. Not a bad thing, just to keep things in perspective in case you haven’t read his book yet. Enjoy!
The reason why money's outside of the Petro-dollar are being experimented with is because it is thought the diminishing return for the protection of commerce is being reached. I believe this is misguided. The costs of this protection keeps going up.
You do not need the extra hair, Dr. Laffer ads enough to your show.
Extra hair?
And yet , U.S. markets are at an all time high... Dr Laffer views are perhaps out of step with reality . The sky is falling really?
Come on, California’ economy/GDP has surpassed Germany. Most producing states Taxes, Florida, and Tennessee. He should share his numbers! And which states are the net contributors to federal government. Please share his findings/ research
Those states do not match his political ideology.
Dr. Laffer then what to do?!!!
How about stabilizing the dollar?
i think collagen peptides in your coffee is essential for my life expectancy 111 project ;)
What should we DO?!!!!
John Cochrane at Stanford's Hoover school as a future guest! Steve Bannon would be a great guest, too. He's a walking-encyclopedia. John Taylor at Stanford, who is known for his monetary policy rule called the Taylor Rule. Professor Laffer is on point that getting an academic tenure is political.
I'll reach out! Thank you.
I just secured an interview with Dr. Cochrane this month. Thanks for the recommendation.
@@TheJuliaLaRocheShow great catch!
😂 he's so annoyingly 💯 %
💯 % Right ‼️
Love hearing from him ❤
Think he must be talking about Malaysia ‼️🧦😹🤣
Sharp mind. I hope i stay as sharp at his age.
I love the interview, but the guy is wrong about the stimulus. It redistributes from savers (penalized through inflation) to low income people, who spend it. And inflation has the added benefit of reducing gov't debt (relatively). The direction we're heading is terrible, but I don't see any way around it, the alternative would be worse (a huge deleveraging).
I like this guy.