By Arthur B. Laffer
This can be a well timed booklet, person who can be taught in study rooms. Its non-partisan and aim approach of discussing the successes and screw ups of economic rules in heritage is excellent. A needs to learn for each patriotic American.
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Additional resources for The End of Prosperity: How Higher Taxes Will Doom the Economy--If We Let It Happen
Sample text
So, whither prosperity? The I m m i n e n t E c o n o m i c Danger Today there is a widespread consensus of opinion that tougher times lie ahead. Employment is down, incomes are down, housing values are down, family incomes are down, and consumer confi dence is in the tank. The only thing that seems to be up these days is the price of everything we buy, from groceries to gas. If in this precarious financial environment a new Congress de cides to impose tax increases, the effect on our economy could be devastating.
I' ' .. A 1,[:: ~ :l 1~\ t S&P 500 /,/"1 128 *.... 512 j ;. :,.. 256 1024 ~ 256 128 ,,: t~ 54 54 32 32 60 62 64 66 68 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 * Does not include dividends. Source: SAP, W&J, BLS. In the 1980s and 1990s and early 2000s most of the obstacles to growth were cleared away. Taxes, tariffs, regulations, and inflation weren't eliminated, but they were tamed. Yes, there were policy mistakes along the way, there were periods of irrational exuberance in tech stocks and housing and savings and loans, there were tax increases under Reagan and Clinton that did more harm than good, there were protectionist tariff policies that set back the trade liberalization agenda.
But it was on this occasion, during a heated discussion of President Ford's Whip Inflation Now (WIN) proposal for fighting inflation and get ting the economy out of its rut, that thirty-four-year-old Dr. Laffer grabbed a pen from his pocket and his cloth napkin and quickly sketched some lines and a curve that showed the tradeoff between tax rates and tax revenues. " 2 Each of the participants had different recollections of that eve ning, and Laffer's only objection to Wanniski's version is that his mother had taught him better manners than to desecrate an ele gant cloth napkin, and he had drawn the curve on a paper cocktail napkin.