Economist Arthur Laffer and the Presidential Medal of Freedom
Of course the Leftmedia cries foul, as Keynesianism is their only method.
Arthur Laffer, the economist who bucked the Keynesian theory of economics — that big government is most responsible for stimulating economic growth rather than a free market unfettered by high taxes and over regulation — will be awarded the Presidential Medal of Freedom, the White House announced.
Laffer was a member of Ronald Reagan’s Economic Policy Advisory Board. He’s best known for his “Laffer Curve,” or the concept of maximized government revenue based indirectly upon economic growth rather than on increased tax rates. In other words, at modern confiscatory tax rates, lowering the rate creates a growing economy that increases the number of people working, which in turn produces greater revenue for the government as more people are paying taxes at a lower rate. By contrast, high tax rates impede economic growth, slowing the economy and leading to a loss in overall tax revenue. It’s a simple concept that did not originate with Laffer, but he is credited with making it popular.
Predictably, Leftmedia outlets responded negatively to the announcement. The Washington Post led the mockery, following a pun on Laffer’s name with the claim that “Economists aren’t smiling.” But the Post’s squabble with Laffer has everything to do with politics, not economics. Ever since Reagan saw success in turning the U.S. economy away from greater government dependency, Democrats and the Left have cried foul and offered only mockery.
Similarly, with President Donald Trump’s implementation of a Reagan-esque economic policy of lower taxes and deregulation with the obvious economic growth it has spurred, the Leftmedia can only offer complaints and condemnation.