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Trump honours economist with Medal of Freedom



[Applause] it was a big day very important for a very important subject today it's my privilege to award our nation's highest civilian honor to the father of supply-side economics dr. Arthur Laffer 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 Unleashed 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 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 and 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 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 [Applause] 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 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 talk 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 [Applause]

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