Top Reagan economic adviser Art Laffer stated on Friday that the current boom the U.S. economy is experiencing could last for up to a decade.
On Fox News, Laffer was asked to respond to Trump National Economic Council director Larry Kudlow’s assertion that 4.1 percent Gross Domestic Product growth rate achieved during the second quarter is sustainable.
“It is surely possible,” he answered. “My view is it’s really possible for the next eight or ten years, it’s possible to get this type of growth to bring us back to the standard of living we were living at when Clinton left office and we had the disaster of (George W. Bush) and (Barack) Obama.”
Laffer added, “Whether it will happen or not as Larry said, it’s all policies oriented. Policies really matter. Tax cuts, sound money, free trade, minimum regulations and spending restraint, all of that matters and this administration can do it and really set us off on the launch pad.”
In his 2009 book, “The End of Prosperity: How High Taxes Will Doom the Economy — If We Let It Happen,” Laffer, along with co-authors Stephen Moore and Peter Tanous, argued that the tax and deregulation policies enacted under Ronald Reagan beginning in the early 1980s unleashed a 25-year economic boom. – READ MORE
[divider][/divider]Giving his insight to Salon, Steven Kyle, an Associate Economics Professor at Cornell University, said he hopes the U.S. faces another economic downturn so President Donald Trump loses in 2020.
In the article, titled, “The end really is near: a play-by-play of the coming economic collapse,” Kyle explained how “disastrous downturns are often the result of implosions in financial markets, and it’s not obvious that that’s cooking right now. There are no signs of that.”
I hope to god we have a downturn when Donald Trump goes up for reelection. The political models say that rate of change is highly correlated to throwing out an incumbent. Not that I hope for people to lose jobs, but I sure do hope for all our sake’s we get rid of that guy.
Certainly we’re not going to see a turnaround this year. It’s possible next year. And it gets more likely thereafter. – READ MORE
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