Economist Art Laffer On How to Fix California

"It's not Republican, it's not Democrat. Honestly, it's not liberal, it's not conservative ... It's economics," says Economist Art Laffer. "If you tax people who work and you pay people who don't work, don't be surprised when you get a lot of people not working."


Approximately 7:03

Shot by Zach Weissmuller and Sharif Matar. Edited by Matar and Paul Detrick

[_MCR]

I always liked Art Laffer's common sense approach to economics.

[krasimiradowney]

you can't tax your way to prosperity -fact!

[UTNatlChamps]

Dr. Laffer is fantastic, but boy was he wrong on Jerry Brown. He's become one of, if not the single-most, progressive governors in the country.

[asianfrenzy]

This is the real question:

"Has Art paid Peter that penny yet?"

[phillipcotton]

A decade later, & California STILL AIN'T FIXED.

[KPandLP]

All of these comments are spot on. California has no problems whatsoever! All the thousands of people leaving California are just ungrateful.

[heavymtal]

Why doesn't this video have more views!!!

[EngineerFreedom]

I know, he more or less might have quoted some long dead economist who said, "a reduction of taxation will run a better chance than an increase of balancing the budget. For to take the opposite view today is to resemble a manufacturer who, running at a loss, decides to raise his price, and when his declining sales increase the loss, wrapping himself in the rectitude of plain arithmetic, decides that prudence requires him to raise the price still more"...oh, yeah....that was John Maynard Keynes!

[mootant]

He also quite openly stated that he'd only bet 1 penny while Schiff was betting a lot of his and his clients money for long time. His monetary predictions were totally wrong but that doesn't mean that he will ALWAYS be wrong about everything.

[garyreber]

Art Laffer is a one-factor thinker. He can be classified with the leaderless politicians and their advisors from the left to the right of the political spectrum who have been mis-educated and mis-led by the conventional schools of economics. Unfortunately, economists and politicians formulating economic policy have beguiled us into believing that economic power is democratically distributed if we have full employment rather than on full production and broader productive capital ownership.

[Jaycephus]

Laffer IS in fact an expert on taxes. He was an an advisor to JB in his last presidential bid in '95. He came up with a new tax plan for JB to replace the federal income tax.

[maximum]

isnt that the guy who laughed at Peter Schiff?

[blogegog]

Did Laffer say he love's Jerry Brown?!?

[TheGodlyLife]

it's not a matter of right and wrong, it's the fact he believes the "fundamental way" things are run is great and just needs tweaking. He said the very monetary policy that caused the crash was "spectacular" - that is way more dangerous than being wrong about a prediction.

[AnotherUserNamedPaul]

Barry Goldwater fought the tax reduction because he felt that paying the money in the future with interest would cost taxpayers more money.

[PolemicJosue]

Art, you owe Peter Schiff a penny.

[ManuelBTC]

Also the guy who didn't cough up the penny he bet against Peter.

[DJBremen]

Its pretty hard to be labeled a coward when you work in economics but flaking on a penny bet bc youre too proud to admit he was wrong is about as good a reason as any to call him one.

[EngineerFreedom]

That's why integral parts of the Supply Side theory include regulation reductions where feasible, flattening taxes (not simply cutting them, look up "marginal tax"), lower tariffs, and viewpoints regarding monetary policy. Don't take my word for it though, just look it up on Wikipedia. It only takes a few minutes to get informed.

[vonGleichenT]

Mr. Laffer is on point it's about economics. I guess that is to much to ask off to have our politicians think like economics.