Articles

🔴Trump presents Medal of Freedom to Reagan adviser Arthur Laffer



I know arts been to the Oval Office unlike most people many times but this is a very special time for you this is a tremendous award you have the Congressional Medal of Honor and the military side which of course is something incredibly special and the Presidential Medal is I just want to congratulate you this thank you very much joining us for this momentous ceremony are art six children thank you very much congratulations and we're all so grateful to be joined by Vice President Mike Pence we just got back from Florida got a big night that was a big night in Orlando Mike Wright secretary Steve minuchin Alex Acosta Elaine Chao and Ben Carson thank you very much for being here and our top economic adviser and a great friend of all of us actually I hear that voice and I just say money money money Larry Kudlow right few people in history have revolutionized economic thought and policy like dr. art Laffer he developed a brilliant theory shaped unprecedented economic reforms and helped turn a severe recession into a remarkable boom he proved that the most powerful way to grow the economy and raise government revenue was not to increase tax rates but to adopt strong incentives that unleash the power of human freedom and innovate create jobs and deliver greater opportunity to all Americans and he's proved it over and over again a Yale graduate art went on to earn his PhD in economics from Stanford University he became the youngest ever tenured professor at the University of Chicago that's good that wasn't too long ago was he's very deceiving he's a little older than he looks he looks like he's in his 40s he's a little older than that just a little bit but don't talk about it in 1970 art served as the very first chief economist at the Office of Management and Budget where he designed an economic model that is still used today to forecast tax revenue and accurately predict economic growth art then returned to the University of Chicago at the start of the Ford administration our nation's economic situation was becoming dire indeed we remember in 1974 alone two million Americans joined the unemployment lines and inflation hit 11% right now we have inflation at almost nothing I like that better guys really it's good to read this because we read this that we realize how well we're doing right now the consensus in Washington on both sides of the aisle was that the government could tax inflate and regulate its way to prosperity but art had a different idea right you did have a different idea I'd have you tell it would be much more interesting that in 1974 art came to dinner with the White House chief staff chief of staff Don Rumsfeld deputy chief of staff Dick Cheney who's been by the way a tremendous supporter and we appreciate dick very much and Wall Street Journal reporter Jude one iski the dinner has since become very very legendary in many minds art drew on his napkin a series of lines and a curve that changed history with the now famous Laffer curve still a very very highly respected economic curve art showed that if tax rates are too high people stop spending and they stop investing the result is less growth at lower tax revenues on the other hand at the certain point on the curve lower tax rates spur investment economic growth and raise government revenue I think Steve Forbes agrees with that we're Steve right I've heard you for a long time talking about that very much agree prominent academics call this theory insanity totally wacky and completely off the wall with optimism confidence and exceptional intellect art would go on to prove them all wrong he proved them wrong on a number of occasions in 1978 California Governor Jerry Brown asked art to help him implement proposition 13 which the people had overwhelmingly enacted to dramatically reduce the state property tax I think they could use it again out there by the way they should do that immediately the results were so successful that job creation soon grew at twice the nationwide rate within two years 43 states adopted similar reforms during that same period art also advised Ronald Reagan and helped shaped his low tax pro-growth agenda after President Reagan's election art served on the president's economic policy advisory board he played a vital role in both the 1981 and 1986 tax rate cuts which ultimately lowered the top marginal tax rate from 70% to 28% that's not bad that's a pretty big reduction I would say the Reagan economy soared creating sustained economic growth shrinking poverty expanding incomes and dramatically increasing federal revenue sounds very familiar sounds very very familiar actually our economy has never ever been stronger than it is today dr. lappers policies not only expanded opportunity for our citizens they spurred economic reforms around the world and helped lift untold millions out of poverty art has advised many world leaders including former UK Prime Minister Margaret Thatcher a great one staying true to the pro-growth vision that dr. laugher helped develop in 2017 we passed historic tax cuts and reforms into law now unemployment has reached its lowest level in over 51 years with fast-growing wages low inflation and real GDP and this is GDP growth that's higher than anybody ever thought possible first quarter was 3.2 and everybody said first quarter is not going to be so good because first quarter is never very good for us but it was not only good it was double and even triple what people expected and we're gonna see some other very pleasant surprises especially when the trade deals are all worked out and they coming along very well art as you know our tax cuts and reforms also created opportunities owns and distress communities another idea that dr. laugher helped develop early in his career in 1999 Time magazine named dr. laugher one of the greatest minds of the 20th century former Wall Street Journal reporter jude wanniski wrote in studying public finance there is nothing more important than an appreciation of the Laffer curve I've heard and studied the Laffer curve for many years the Wharton School of Finance it's very important thing that you've done aren't very important dr. Lauer helped inspire guide and implement extraordinary economic reforms that recognized the power of human freedom and ingenuity to grow our economy and lift families out of poverty and into a really bright future today our nation is stronger our people more prosperous and the world a much better place because of the brilliance and boldness of dr. author laugher and it's now my profound honor to ask the military aide to come forward as I present dr. laugher with the Presidential Medal of Freedom it's my great honour [Applause] Arthur B laugher the father of supply-side economics is one of the most influential economists in American history his renowned for his economic theory the Laffer curve which establishes the strong incentive effects of lower tax rates that spur investment production jobs wages economic growth and tax compliance among other accomplishments during his distinguished career dr. laugher was the first chief economist of the Office of Management and Budget and a top economic adviser to President Ronald Reagan the United States proudly recognizes Arthur B laugher for his public service and his contributions to economic policy which have helped spur prosperity for our nation oh my gosh when your staff said keep it short I didn't know that's what they meant no I'm just joking thank you very much let me play I can sincerity and brevity so they say go hand in hand and in that vein mr. president I want to thank you from the top the middle and the bottom of my heart thank you good economic policy is a team effort and goodness knows my fellow teammates are the best ever Larry Kudlow my friend forever and ever never Steve Moore where are you Steve Steve Moore steve forbes steve forbes cancelled his trip abroad to be here today does david Malpass here Kevin Hassett team players Steven minutiae wherever there you are you're way back there Steve I mean you don't get a better team than that ever I mean this is the team of all teams and I just want to reflect for a second on some of my past colleagues and working with other administration's for example in the past my colleagues included Nobel laureate and dear friend Bob Mandel legendary editorial page editor Bob Bartley of the Wall Street Journal Jude Winooski the crazy wild revolutionary for supply-side economics Milton Friedman of course my godfather and dearest supporter Justin dart George Shultz my mentor who's hired me four times and not gotten tired of it yet I guess Jack Kemp who we called the weapon he's delivered it and my classmate at Yale and my dear friend a guy named Dick Cheney it's just really wonderful to have each of whom deserves a lot of praise by the way just for the record Bob Bartley Milton Friedman Justin dart George Shultz Jack Kemp and Dick Cheney all received the Presidential Medal of Freedom that amazing I'm in great great company let me tell you I'm I'm awed by that but to get over the to get the ball over the fun the to get the ball over the goal line committed leadership is the scenic Wan own for this and we had President Kennedy President Reagan Prime Minister Margaret Thatcher and of course you mr. president Donald Trump to really make it all happen without the leaders and all I can say is Wow I mean you know President Kennedy established the current Presidential Medal of Freedom and both President Reagan and Margaret Thatcher were recipients my business partners here my business partners friends and the fellow dreamcatchers a number of whom are here today by the way have allowed all of this to happen for me and I am eternally grateful they are the salt of the earth and in fact they actually live the lives that we economists just talked about they actually do it and it's for the and it is for them that we do what we do they have kept do keep and will keep America prosperous and my final shout out if I may is to my family my wonderful family all six of my children are here today as well as Mike Madsen and Mike stabile I'm missing my 13 grandchildren and my four great-grandchildren for which I'm sure the White House staff is eternally grateful my family makes me very very proud and gives me a reason every morning to get up and get to work thank you mr. president why did you not want hope mix to testify in front of Congress mr. president [Applause] [Applause] [Applause] [Applause]

1
Comment

Leave a Reply

Your email address will not be published. Required fields are marked *