By Arthur B. Laffer
This can be a well timed publication, one who might be taught in school rooms. Its non-partisan and goal manner of discussing the successes and screw ups of monetary regulations in background is excellent. A needs to learn for each patriotic American.
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Relentless and ominous, the drumbeat echoes around the land: Social protection is at the verge of financial ruin. The caution has been repeated so frequently that it has develop into a gloomy article of religion for the thousands of usa citizens who pay Social defense taxes and count on to assemble advantages sometime. however it is flatly unfaithful.
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Regulations and gov ernment spending also went berserk. Investing, working, starting a business, taking risks—all of which are economic virtues in our book—were punished rather than rewarded. The result, as we see in Figure 1-3, was the worst stock market performance since the Great Depression. 1 percent of their value compounded annually for sixteen years. But now take a close look at the second half of the chart and you will see the astonishing and nearly uninterrupted surge in stock values starting in the early 1980s when taxes and inflation were cut.
Around the world other nations observed how the American economy raced forward and ran laps around their own economies. And these nations in effect shrugged their shoulders and said: If you can't beat 'em join 'em. They moved gradually, but recently with increasing urgency, to adopt the supply-side, or "the Ameri can model" of free markets and low taxes, to emulate what they saw had worked so brilliantly in the United States. Tax rates in the de veloped nations around the world are on average twenty to twentyfive percentage points lower today than they were in the early 1980s.
1 How could the much larger tax cut under President Kennedy have been "responsible;' if the Bush tax cut was not? The letter from the Kennedys further argued that one reason the Bush tax cut was unwise was that the deficit and the national debt (the sum of all deficits in the past) were larger in 2003 than forty years earlier when President Kennedy was enacting his tax cut. Here again, the data paint a different story. In 1963 the federal debt was 42 percent of GDP, compared to 36 percent in 2003.