The minimum wage was well intended, but its result is that the unskilled are kept from apprenticeship jobs which will grow into well paying jobs. I can’t legally hire an apprentice (who doesn’t know a wrench from a screwdriver) for $5/hour, but I can charge him $20,000 to attend my trade school. The Medical and Legal professions have got around this by hiring unpaid interns.
Unpaid interns typically have another source of income -- parents (?). That's how they can "afford" to be unpaid interns. I could never have afforded to be an intern, in my younger days..
Although I believe that the "trickle down" (i.e. human capital production) vs the "trickle up" (i.e. rent seeking costs) is inconclusive and worthy of solving, I really like Art Laffer's proposal to set an indirect tax rate (VAT) equal to a direct tax rate (income tax). depending on the "trickle down" vs "trickle up", the standard deduction on income can range from 0 (if trickle down) to gdp/capita (if trickle up), and the tax rate can then be between 10% (with 0 standard deduction) and 20% (with gdp/capita deduction). I lean more towards 20% VAT and 20% income tax rate above gdp/capita (on realized gains only), but a flat rate of 10% income (realized & unrealized gains) and 10% VAT, is a hell of a lot better than what we have now
How do you deal with racial injustice? The same way you deal with any injustice - by being just. Social justice is not justice - justice does not need a modifier. Modified justice is unjust and the result is all the problems Dr. Laffer pointed out. Why? Because short cuts result in short cummings. Quick fixes lead to quick demise.
HI ART JUST SAW YOU ON KUDLOW. I REMEMBER THE KISSINGER A ND NIXON VISITS TO CHINA. WE WERE ALL EXCITED. THANK YOU AND ALL. ALSO GREAT OVERVIEW ON KUDLOW. GOD BLESS
Laffer should have also explain the final result of the Reagan Tax Cuts (to implement Laffer hypothesis) and The Supply Side economy ( Spend more than what government collect). Reagan implemented the Laffer+The Supply Side and produce the final VOODOO economy which both parties love and 80% US citizens have already implemented at home and are living with it.
Worst case scenario, I'll probably leave California for a state like North Carolina (it's much closer to the historical sites too, there's hardly anything here). I just don't see Republican states falling the same fate as Europe or Detroit/San Francisco, the good thing about our decentralized federal government and the size of our country. Kind of worried about my fellow Gen Zers though (I used to be on the left), hopefully they and Millennials grow out of their leftist phase.
Well FDR really didn’t help future generations when he is the reason behind social security. Not a good set up for growth when it’s taken out of everyone’s income and the age to start drawing from that portion of income keeps increasing to the point that people never see that money. So sad.
Really the definition of short-term gain. At least he prevented the rise of a right-wing demagogue by buying off the poor (in a good way). Honestly, I think the only reason you should give benefits to the poor is to prevent them from wanting revolution.
The rich is not the problem. They are the answer. You’ll benefit more from making poor people rich than trying to pull the rich down. If you live in the West, the rich is not the cause of your problems. Your ignorance and financial illiteracy is.
No minium wage? That minium wage is just a living wage! It is to stop the mother with 2 kids from having to work gd 3 jobs just to get by! WTH is wrong with you people? How can you be this out of touch?!
#PovertyTraps eliminated by #TaxFreeZones ⬆️✳️⬆️✴️⬆️✳️⬆️ The speaker points to addressing the liberal critique of racial injustice by name. A second, additional layer recommended by my friend is to drive education empowerment to teachers everywhere for student-centric talent stacking for all kids. This 2-point plan will smash through most all demographic, economic, and geographic barriers to success. I cannot wait to get the book Taxes Have Consequences!!
Is Arthur Laffer the founder of the Laffer Curve I've seen in my Economics textbook? Yep. Just heard it confirmed at 15:42. Nice!
One of my favorite guys. Fantastic book
The minimum wage was well intended, but its result is that the unskilled are kept from apprenticeship jobs which will grow into well paying jobs.
I can’t legally hire an apprentice (who doesn’t know a wrench from a screwdriver) for $5/hour, but I can charge him $20,000 to attend my trade school.
The Medical and Legal professions have got around this by hiring unpaid interns.
Unpaid interns typically have another source of income -- parents (?). That's how they can "afford" to be unpaid interns. I could never have afforded to be an intern, in my younger days..
@@future_proofnobody who isn’t privileged can afford to be an intern. It’s slave labor.
This was fun to watch. Such a candid and loving relationship between mentor and mentoree ❤
The reason we don't have a flat tax is the same as why we have fiat and not bitcoin - corruption.
I loved this interview.
Although I believe that the "trickle down" (i.e. human capital production) vs the "trickle up" (i.e. rent seeking costs) is inconclusive and worthy of solving, I really like Art Laffer's proposal to set an indirect tax rate (VAT) equal to a direct tax rate (income tax).
depending on the "trickle down" vs "trickle up", the standard deduction on income can range from 0 (if trickle down) to gdp/capita (if trickle up), and the tax rate can then be between 10% (with 0 standard deduction) and 20% (with gdp/capita deduction).
I lean more towards 20% VAT and 20% income tax rate above gdp/capita (on realized gains only), but a flat rate of 10% income (realized & unrealized gains) and 10% VAT, is a hell of a lot better than what we have now
How do you deal with racial injustice? The same way you deal with any injustice - by being just. Social justice is not justice - justice does not need a modifier. Modified justice is unjust and the result is all the problems Dr. Laffer pointed out. Why? Because short cuts result in short cummings. Quick fixes lead to quick demise.
Where are the comments? Are they being deleted?
HI ART JUST SAW YOU ON KUDLOW. I REMEMBER THE KISSINGER A ND NIXON VISITS TO CHINA. WE WERE ALL EXCITED. THANK YOU AND ALL. ALSO GREAT OVERVIEW ON KUDLOW.
GOD BLESS
Starting at 30:30 mega important lower your taxes, move to Tennessee!!!
Laffer should have also explain the final result of the Reagan Tax Cuts (to implement Laffer hypothesis) and The Supply Side economy ( Spend more than what government collect). Reagan implemented the Laffer+The Supply Side and produce the final VOODOO economy which both parties love and 80% US citizens have already implemented at home and are living with it.
I would vote for Art, but there is no way they would let that much common sense into office.
A rising tide lifts all boats ⛵️🛶🚤🛳⛴️🛥🚢
Worst case scenario, I'll probably leave California for a state like North Carolina (it's much closer to the historical sites too, there's hardly anything here). I just don't see Republican states falling the same fate as Europe or Detroit/San Francisco, the good thing about our decentralized federal government and the size of our country. Kind of worried about my fellow Gen Zers though (I used to be on the left), hopefully they and Millennials grow out of their leftist phase.
Total BS. Look around you at all of the economies that function just fine with proper tax system.
Well FDR really didn’t help future generations when he is the reason behind social security. Not a good set up for growth when it’s taken out of everyone’s income and the age to start drawing from that portion of income keeps increasing to the point that people never see that money. So sad.
Really the definition of short-term gain. At least he prevented the rise of a right-wing demagogue by buying off the poor (in a good way). Honestly, I think the only reason you should give benefits to the poor is to prevent them from wanting revolution.
Exactly
All these great ideas would decrease the control that government exerts over people's lives - which means (for them) it's a no-go.
0-7% this sounds interesting
_The Laffman Cometh_ o/
Politicians only care about themselves, no one else. OK there may be a few exceptions.
Wow saying black ppl are aggressive was not called for
The rich is not the problem. They are the answer. You’ll benefit more from making poor people rich than trying to pull the rich down. If you live in the West, the rich is not the cause of your problems. Your ignorance and financial illiteracy is.
You have to call Elon
No minium wage? That minium wage is just a living wage! It is to stop the mother with 2 kids from having to work gd 3 jobs just to get by! WTH is wrong with you people? How can you be this out of touch?!
#PovertyTraps eliminated by #TaxFreeZones
⬆️✳️⬆️✴️⬆️✳️⬆️
The speaker points to addressing the liberal critique of racial injustice by name.
A second, additional layer recommended by my friend is to drive education empowerment to teachers everywhere for student-centric talent stacking for all kids.
This 2-point plan will smash through most all demographic, economic, and geographic barriers to success.
I cannot wait to get the book Taxes Have Consequences!!
Hey, Marxist, how did that mother end up with those kids? Don’t the kids have a father?
Did she divorce-rape their father?
You want to make it illegal for people below a certain market value to work.
Why?
u should move back to nyc, u guys are very behind tech rn, dont turn into a boomer firm
Art Invest
wow
dang yall ppl is OLDDDD son. we talking septugenarian and octogenarian