I have loved Art Laffer for years. He was my hero then and even more so today. Thank you Adam for giving him a forum to shout the truth about why we are living in the world that we are.
@@nickkacures2304 So you believe that tax the rich is the solution. Dr. Laffer actually agrees with you, but he believes that the method that politicians are using is wrong. Dr. Laffer would go for a very broad based flat tax, and he would even tax unrealized capital gains, that are offset with unrealized capital losses!! Listen to what he is saying, please. He says that if the rich make 15 times more than the average worker then the rich should pay 15 times higher taxes! The problem is the messed up tax code.
@@biden-putin-stalin the flat tax is just a regressive tax on people that do all the work and would finish off the last few people in the middle class that the extreme wealthy corporations and individuals have gotten away with as their taxes have plummeted over the last 40 years of Neoliberal capitalism economic policies of Art Laffer
@@biden-putin-stalin Adam Smith the father of Capitalism said that an unfettered capitalism would fail looks like it worked extremely well for the wealthy as they have had unfettered capitalism since Ronald Reagan when Getting government off the backs of the wealthy and socializing the risks on the middle classes and lower income people was the rage . Capitalism is the best form of economic growth and prosperity but it has to have rules we can’t keep mailing huge checks to the wealthy and only complain about little checks sent to the middle classes . Jeff Bezos,Elon Musk,Warren Buffet etc.should pay the tax rates the workers payroll tax 😡
Art Laffer is off the chain. It's so beautiful to see a person who actually understands how money works unencumbered by the fetters of politics, articulating their opinion. The only thing that's missing in the whole conversation is the fact that manipulation and cronyism, on both sides of the aisle, is the most common way that politicians enact their policies and of course, those activities can't see the light of day. But otherwise, a complete utter tour de force Interview.
Adam, it doesn’t get better. Keep the great guests coming. It’s like earning an economics degree when watching your interviews. We all appreciate it, I’m sure of it.
Art, it's important to hold criminals accountable ... especially when they occupy the seats of power within government, and use that power to defraud, and victimize those who they swore an oath to serve. So, while I agree that we need to eliminate the root cause, and incentives for corruption, we need to investigate and prosecute so that we ferret out ALL of the other individuals that were in cahoots with the ones we already know about. We all know now from first hand experience what happens when you let menacing criminals get away with their crimes ... they do it again ... and again ... and again ... and we end up paying for it over and over and over. It's much better to put them into submission so we stop being victimized.
Why would politicians listen to Laffer? Their interests are not aligned with his ideas. They are interested in holding onto power and enriching themselves. If you find a person who can give them a good advice on those topics they will eagerly listen.
I've watched just about every Wealthion video in the last 20 months. As an accounting/technology geek that graduated with an economics degree from Wharton in the 60's, this one was the absolute BEST! Everyone, anywhere that is worried about our future needs to watch and learn from it. Thank you again Adam!
We need to do more than watch and learn. We need solutions. But the people in power don't seem to care because they have an agenda to push no matter the cost.
I just want you to know that this is one of the best financial shows around. I have learned so much. Thank you for this much needed financial education.
This was definitely one of the best guests you've had on the program! I'd love to hear more from Laffer, in particular to expand on the medical monopoly that now represents an absurd 20% of GDP. It was notable he touched on the Healthcare industry industry first.
I put this on while going to sleep to "catch up" on stuff. Since I couldn't see the video I was worried Adam was probably uncomfortable because this is a scathing attack on modern day Democrats. I came back and listened to again, this time with video and to my surprise Adam is totally getting it. I have corrected a few people in the past who advocated for high taxes (like the ones quoted in this talk) and I referred to what was called the "Laffer curve" I had heard about it. It is nice to see the man behind this uncomfortable truth. I have to save this one and remember some of the pearls of wisdom mentioned herein.
His ability to recall historical facts and figures is just astonishing. He went back to the 1960’s on some of his examples, and was quoting stock prices from that era. 😮 His levels of energy, mental acuity, and conversational skills for a man his age blow me away.
Japanese culture forbids bankruptcy as it is shameful. Hence, carrying forward ridiculously inflated valuations on failed loans is preferred. Ultimately one knows the price of everything, but the value of nothing.
My face kept bursting into a huge grin listening to this 80 something year old human dynamo. What passion, what humour, what mischievousness and what common sense.
One of the best interviews by Adam. Laffer is outstanding. He's not just a brilliant economist, everything he says is just common sense. More people need to listen to him.
Art is on Kudlow all the time and gets about 30 seconds of air time between commercials and never gets to really express his opinions with the bark off until this interview with Adam. I’m not sure how Adam got Art to come on but it’s in everyone’s best interest that it’s a reacurring event as often as possible. Thanks again Adam. If you could get Larry Kudlow and Art Laffer on the same podcast it would be epic for all time.
The sad thing about this secular economic decline is that we've used much of the excess currency creation not to invest in wealth production but rather it has been soaked up by asset price inflation. Now four walls and a roof cost us 10x gross income in many coastal (i.e., blue state) areas from the traditional 4x gross income that is the historical income capitalization rate. So, instead of having a wealth of leisure opportunities, we must work much longer and harder to pay for basic living costs. Healthcare and education have followed suit.
And instead of working harder young men are feeling despair and dropping out of society all together. 7 million healthy working age young men are not working and not looking for work.
Imagine the stimulating effects of other sectors of the economy if only the household budget was not being so violently stretched to make the monthly mortgage payment. We could live ! And enjoy the elusive leisure time we were promised.
Excellent interview Adam. The respect that Dr Laffer showed to you demonstrates how much he understands the quality of your research and approach to interviews. Another excellent interview. The guest quality bar keeps rising 👍🏻
til he regurgitated lines as if taken straight out the mouth of the propaganda media itself. The republican party "goes after minorities"? "why are you going after the hunter laptop for? come on, they only stole the country as a result of censoring it... and just let insane degrees of corruption and criminality be. hes just a poor, corrupt drug addict"
I recall Art Laffer and his 'Laffer Curve' since the 80's. His academic credentials and erudition is above reproach. But, I've always found his policy prescriptions pandering to high-income types, and they fail to address the world which this country operates in. -He is for 'free trade'. Wonderful. You cannot have free trade when principal trading partners follow mercantilist trading rules. If you do, you end up with a depressed industrial sector (which is what has happened to this country after 50 years of 'globalization'). > -(YT censor)......He asserts China grew rich by free trade. 'Free'? No, by 'Cheat trade' - theft of IP, any number of tariff- and non-tariff barriers to entry for foreign firms. Japan did the same, starting in the 1950's. China also relies on essentially slave labor and near catastrophic environmental degredation. How do you complete with that? -(YT censor).. He wants a low tax rate spread over a broad tax base. Again, peachy. Will that same principle be applied to FICA taxes? What about the tax burden borne sales taxes and property taxes? -- For many lower income households the amount they pay for sales and property taxes far exceed their Fed income tax obligations. -Also on taxes, he wants that broad tax base, but then suggests 'tax free' development zones for slum/ghettos... so he is already poking holes in his own 'broad tax base' principle. -The 'low tax' mantra is a wonderful principle. The problem: reality.- the US maintains an imperial army/navy. - The rest of the OECD relies on that, so they don't have to build their own. I could go on and on. I just find Laffer's policy prescriptions now, as I found them in the 80's - "laff-able".
The YT censor is censoring half my post -- even though it is simple policy-wonk stuff. YT censor is incompatible with the community standard of Constitutinally protected free speech.
1. free trade is beneficial regardless of what the other country is doing you can run a payoff matrix for it pretty well and it will show the optimal strategy to be free trade even if per the example that you gave that the other counties were mercantilist the balance of payments still has to balance they run a current account surplus run up a balance of USD they either have to invest it back in US or invest either way we benefit. 2. China did mostly grow by free trade, minimal regulation and privatisation we compete with china through our exchange rate suppose every good made in china is cheaper the usd will fall as we sell usd to obtain Chinese goods causing a fall in usd making us goods cheaper. 3. Low income households can be supported through a negative income tax as per Milton Friedman. 4. i don't know if you are attacking military spending but i will defend anyway 4.1 we have to defend this country as history has proven 4.2 it provides a job that develops skills that are applicable in the workforce 4.3 it develops technology which is an essentially a public good providing a non excludable non rival technology to American industrialists and yes the Chinese but it doesn't hurt us to any practical degree.
Thank you, Thank you for letting Art Laffer tell his story without constantly interrupting! Many interviewers have to be at least 50% of the interview! Great job!
til he regurgitated lines as if taken straight out the mouth of the propaganda media itself. The republican party "goes after minorities"? "why are you going after the hunter laptop for? come on, they only stole the country as a result of censoring it... and just let insane degrees of corruption and criminality be. hes just a poor, corrupt drug addict"
Wow, I remember watching Arthur Laffer when he would do frequent guest spots on the PBS Nightly Business Report in the 1980's when I was in my 20's. Great to see him still at it and he hasn't lost his enthusiasm.
I'd introduce Art to Milton Friedman's views on government. He obviously loves to spout “solutions” without knowledge of information integrity and doesn't think government can lie.
Very well argued, but Dr. Laffer did not elaborate on the consequences of taxing unrealized gains. An extreme case: If I am retired and the value of my house increases, I may not be able to pay taxes on the increase without selling the house.
I enjoy Wealthion's channel very much (and Adam's perfect courtesy) but a little push back would be appreciated. One of many instances in this fascinating discussion : when did the US ever practice international free trade since 1776? Never. Not once. It always protected itself when weak and when powerful strong-armed other countries to prevent them from doing so themselves. It weaponizes international law or the USD to force foreign companies to sell their assets to the US and/or relocate to the US. Same with economic sanctions. The solutions Dr Laffer are putting forward do not address today's economy where most private companies are feeding at the public funding's trough while throwing back 10% to whoever is the big guy politician that enables this feast. The industrial state of the US has nothing to do with the state of the 1970s so yesterday's solutions hardly apply (even if yesterday's mistakes are always useful to know). Tax-free zones in poor neighborhoods have been tried in foreign countries and the results are not convicing. I admire his punch and enthusiasm nevertheless.
If you want to see a great interview of Art type "Hey Art Laffer, let's go double or nothing on that penny you sill owe me." into TH-cam. It was an interview between Art and Peter Schiff just before the Global Financial Crisis back in 2007. Peter was saying that a major recession is coming and the housing market was going to implode. Art was saying to Peter that you have no idea what you are talking about, and that the US economy is in great shape. You can also read the comments below the video to see what people really think of Art. Art never paid the penny bet either as he couldn't afford it. Listening to Art talk was really listening to his opinion on how the world should be according to his own economic theory not how it actually is. He didn't really talk about the current financial situation, which was probably a good thing as Art's track record is really bad.
Yes, but the Fed and almost all really smart investors missed it also. The rating agencies had the bad investments all rated AAA, when they were anything but. Everybody's mistake was trusting the rating agencies. There were only a handful of people who had it right!
@@biden-putin-stalin That's cognitive dissonance. I would advise you to go and read a book call "Mistakes Were Made But not By Me. You might gain some self awareness.
10:00 his explanation of ideal size government illustrates the private/public civil relationship in slightly more detail than the Laffer Curve, beautiful. So elegant from the perspective of a logician, so obvious to an honest politician. Love this guy.
til he regurgitated lines as if taken straight out the mouth of the propaganda media itself. The republican party "goes after minorities"? "why are you going after the hunter laptop for? come on, they only stole the country as a result of censoring it... and just let insane degrees of corruption and criminality be. hes just a poor, corrupt drug addict"
The average person doesn't understand when people are overtaxed, we just stop trying. Under Trump, I was working 60+ hours a week and managing rental property on the side. Under Biden, I've gotten rid of the rental income and I'll work 36 hours this week. I've already taken a pto day. I'll physically work 24 hours. I like lazy time at home and time with family and friends too. When overtime doesn't benefit the person doing the work, we stop working. If Trump wins the next election, the stock market will immediately shoot higher. Businesses will expand and hire more employees. Employees will work crazy overtime as long as it benefits us. The chronically lazy benefit from tax cuts. They just aren't smart enough to see that 39% of 0 is 0.
Do you mean lazy like a millionaire trust fund kid or billionaire that can just live off of dividends without working another day in their life, while the rest of us that have jobs pay a higher tax rate on our labor than their long term capital gains rate? How fair is that? You don't have to do anything if you're wealthy. Let's give them some incentive not to be lazy huh?
@@taylorreed7471 I grew up on a farm. I'll be planting more in my garden today. I got married in high school and had a baby at 18. I've worked my behind off in manufacturing. I've completely paid for 3 nice single family homes. I'm 51 years old and the mother of 3 and the grandmother of 2. I could have easily retired on rental income or sold the homes I PAID FOR AND NEVER WORK AGAIN!! Now tell me, how much do I owe society? I've been working since age 15. I don't mean I mowed a lawn in the summer at 15. I mean I worked 30 hours a week all through my high school years. Then I worked in manufacturing, raised babies, and became a landlord at 19. At 51 I work 12.25 hour shifts in fiber optics so I could give my kids homes. My youngest daughter received a trust from her grandfather last year. She won't get the money till she is 25. The money didn't come from someone who sat on their behind. The man worked hard doing electrical work and bought/built a poultry farm over his lifetime. This was ontop of supporting a wife and 4 sons. My coworkers back in my 20s were clubbing. Their money went to hair, nails, clothes, booze, and vacations. I spent my weekends with my children and cleaning rental property. I'm a 5'4 petite woman but I can rip up toilets and replace flooring. Life is all about choices. My kids are lucky because I could have choose to party and be sitting here begging for a handout instead of helping them. Why should ambitious people pay more than the chronically lazy and like to party? Yes I get dividends. You can too if you choose to put money in the market instead of that splurge.
@@taylorreed7471 Just a couple of months ago, I was making hot dogs for my brown bag lunch to take to work. My son stopped to pick me up because we work for the same fiber optics company. I was telling him to save more money and invest instead of being losers like some of his friends that we work with. Then he told me I'm rich. I said boy do you see what I'm making for lunch. He told me it's a reflex. Took me a while to realize I'm a millionaire. Even though I'm a millionaire, my lifestyle is so much simpler than the tenants I've had who are eyeballs deep in debt. So why shouldn't a millionaire be allowed to choose a higher lifestyle that the broke have been enjoying all along?
@@xrunner55 Racist? Tell that to Oprah. Tax payers just bailed her out at Sv. The only color that matters is green. Now stop feeling sorry for yourself. Your mom just liked the men more than working and having a decent life.
Incredible...any individual with an undergraduate or graduate degree in Economics or Business having studied in the 1970's to 1990's understood government is soley responsible for the standard of living. The challenge was UNLESS you acquiecsed to your professor or your employer you would recieve poor grades or put your career in jeopardy. This conduct has promoted a dumbed down educational institutions, removing any divergent thought or critical thinking. So the end result no leadership, no courage. In my view if the academics continue to use the term CAPITALISM we will never decrease governments or the corruption. We live in a REPUBLIC!
Art is an absolute legend. Great guest. I will be buying his books. He is an educator and someone that takes action. Love it Adam!! Great pick in your 2023 Wealthion Draft!!!!!!!!!!!!!!
The rich financial dialogue with remarkable guests just keeps going, Arts financial prowess is legendary. Thankful you’re able to host such great guests.
With respect to Laffer’s #1 issue: he claims that ‘our healthcare outcomes have dramatically declined as compared to the rest of the OECD, and our costs have risen dramatically relative to the OECD - because we do not have price transparency’. Well, I’m sorry, but that is complete and utter nonsense. All of the rest of the OECD besides the US have healthcare systems which operate under some kind of universal healthcare coverage framework - where individual consumers have even *less* price transparency with respect to their own healthcare expenses - and yet their countries’ overall health expenditures are lower and outcomes better. Therefore, if you use the OECD as a benchmark, our dismal healthcare situation has nothing to do with ‘price transparency’. Instead (again, if you compare to the rest of the OECD as the benchmark), it’s about having a rational and efficient healthcare system where *everyone* is covered (which is how it is done in the rest of the OECD but not necessarily using a single-payer system, there are multiple ways to achieve universal coverage with varying levels of private healthcare in different healthcare systems in the other OECD countries).
Thank you Adam, Bringing Dr Lafffer to share his considered thoughts based on actual data that any reasonable person could easily comprehend. And his stories were both entertaining and exceedingly engaging.
While listening to this interview, I caught myself thinking so many times .. "how is it that Dr Laffer's views and philosophy on these matters is so much inline with my own philosophy " (especially on healthcare, illegal drugs, and flat tax). Thank you Adam for bringing another awesome thinker to your audience!
The Hillsdale-Course with Arthur Laffer is really intersting. I made it in December and I still remember it. At the end there is a Quiz waiting. Everyone should do it !
"They're north-bound ends of south-bound horses." Oh my god, I've got to remember that one. 😂 Great discussion! Absolutely loved this one. Thanks Adam!
Yes, but the debt was used to build up our military that resulted in the end to the cold war. It was well worth the expense. Reagan took all of the credit anyway. I don't know if Art even had a say. We should ask him.
Dr Laffer. I've toyed with an idea to broaden the tax base and limit government and enhance liberty and supercharge economic vitality. FEDERAL GOVT is bankrupt and has created laws regulations mandates that last in perpetuity and build like arterial plaque in the economy and make in mathematically certain every person business local government is violating a law. SOLUTION: Article 5 CONSTITUTIONAL CONVENTION to repeal 16th and 17th Amendments and reduce 4th Branch of Govt AMINISTRATIVE STATE and eliminate Federal Reserve. Have graduated National Consumption Tax collected by individual States and remitted to US TREASURY. Just an idea that has bounced around my head last 3 years. Doug W.
Please, Please, Please organize a debate with Warren, Sander and Laffer. That would be so Great! Put lawmakers on "Commission" that's also brilliant! Alligning incentives makes so much sense! Great stuff guys.
i enjoyed Laffer's writings and statements since my undergrad years but when I moved to US for m grad studies I realized the hostility he was facing inside the neokeynesian academic establishment. One of my profs was telling me "Laffer's curve is for a lot of laughs"... I did enjoyed this today as well though.
"Laffer's Curve" did sell the idea that the deep Reagan tax cuts tilted toward the rich would produce so much new tax revenue that they would be ultimately tax-neutral if not better. This was widely predicted to be utterly false & that's actually what happened. Under Reagan's watch, the United States went from being the world's largest creditor nation to the world's largest debtor, and Laffer's disingenuous snake oil had much to do with it. I can't take this guy seriously.
Great interview Adam. My first presidential election was in 1980 when I turned 18 and I cast my vote for Ronald Reagan. I remember Mr. Laffer from that time and I have always found him to be common sensical but he lost me with the climate change and alignment with Al Gore. I also take issue with one thing he said. I don't think government can be optimal. Ronald had it right when he said that "government is not the solution to our problem, government is the problem" and that the best "the 9 most terrifying words in the english lanquage. "I'm from the government and I'm here to help"
Justice is not revenge. A lack of justice and two-tier justice system can be even more demoralizing than poor tax policy. Art is magnificent in his Econ lane.
Very refreshing to hear the unvarnished truth when it comes to both economics and politics. Too bad we don't have any politicians that run for president that have both his wisdom and conviction. If he'd ever run for president he'd have my vote!
Art reveals the great insight that Paul robbing Peter results in a sub optimal economic outcome. Next he will reveal that slavery results in a sub optimal economic outcome.
I did not know he is a Doctor but he does not brag about it. He is not arrogant and has years of wisdom and studies history which is as important as the present and future.
I have loved Art Laffer for years. He was my hero then and even more so today. Thank you Adam for giving him a forum to shout the truth about why we are living in the world that we are.
Art Laffer is responsible for the huge deficit we have
I have missed Art since I stopped watching the big news channels, this is excellent
@@nickkacures2304 So you believe that tax the rich is the solution. Dr. Laffer actually agrees with you, but he believes that the method that politicians are using is wrong. Dr. Laffer would go for a very broad based flat tax, and he would even tax unrealized capital gains, that are offset with unrealized capital losses!! Listen to what he is saying, please. He says that if the rich make 15 times more than the average worker then the rich should pay 15 times higher taxes! The problem is the messed up tax code.
@@biden-putin-stalin the flat tax is just a regressive tax on people that do all the work and would finish off the last few people in the middle class that the extreme wealthy corporations and individuals have gotten away with as their taxes have plummeted over the last 40 years of Neoliberal capitalism economic policies of Art Laffer
@@biden-putin-stalin Adam Smith the father of Capitalism said that an unfettered capitalism would fail looks like it worked extremely well for the wealthy as they have had unfettered capitalism since Ronald Reagan when Getting government off the backs of the wealthy and socializing the risks on the middle classes and lower income people was the rage . Capitalism is the best form of economic growth and prosperity but it has to have rules we can’t keep mailing huge checks to the wealthy and only complain about little checks sent to the middle classes . Jeff Bezos,Elon Musk,Warren Buffet etc.should pay the tax rates the workers payroll tax 😡
Art Laffer is off the chain. It's so beautiful to see a person who actually understands how money works unencumbered by the fetters of politics, articulating their opinion. The only thing that's missing in the whole conversation is the fact that manipulation and cronyism, on both sides of the aisle, is the most common way that politicians enact their policies and of course, those activities can't see the light of day. But otherwise, a complete utter tour de force Interview.
Have this guy on once a week until he everyone hears what he is saying! Best hour I’ve spent in a long time.
Totally agree
Love his energy… he leaves no question about what he believes! Agree with him - or not - his energy and conviction commands respect!
Best interview ever! Art Laffer makes total sense. He needs to be a weekly guest! If only our politicians would listen. Our system has got to change!
Art Laffer is a legend.
He should change his name to Doctor Chuckler
In his own mind, and evidently yours. LOL
Adam, it doesn’t get better. Keep the great guests coming. It’s like earning an economics degree when watching your interviews. We all appreciate it, I’m sure of it.
Listening to Art for the last 20 years…always a pleasure to hear from
Art, it's important to hold criminals accountable ... especially when they occupy the seats of power within government, and use that power to defraud, and victimize those who they swore an oath to serve. So, while I agree that we need to eliminate the root cause, and incentives for corruption, we need to investigate and prosecute so that we ferret out ALL of the other individuals that were in cahoots with the ones we already know about. We all know now from first hand experience what happens when you let menacing criminals get away with their crimes ... they do it again ... and again ... and again ... and we end up paying for it over and over and over. It's much better to put them into submission so we stop being victimized.
The best most informative guest to date. His economic history and analysis is spot on.
One of my favorites interviews this year. This was a tour de force
You did great, Adam. Art Laffer is a handful for a host. Politicians should listen to Art.
Why would politicians listen to Laffer? Their interests are not aligned with his ideas. They are interested in holding onto power and enriching themselves. If you find a person who can give them a good advice on those topics they will eagerly listen.
I've been fallowing Dr. Laffer since the Reagan years. This is one of the best Dr. Laffer interview ever!
I've watched just about every Wealthion video in the last 20 months. As an accounting/technology geek that graduated with an economics degree from Wharton in the 60's, this one was the absolute BEST! Everyone, anywhere that is worried about our future needs to watch and learn from it. Thank you again Adam!
So true. Politicians should watch this stream 20 times or so before campaigning. Stop the dumpster fire.
We need to do more than watch and learn. We need solutions. But the people in power don't seem to care because they have an agenda to push no matter the cost.
Dr. Laffer is absolutely awesome. Fabulous style of delivery.
Priceless learning..
I just want you to know that this is one of the best financial shows around. I have learned so much. Thank you for this much needed financial education.
This was definitely one of the best guests you've had on the program! I'd love to hear more from Laffer, in particular to expand on the medical monopoly that now represents an absurd 20% of GDP. It was notable he touched on the Healthcare industry industry first.
Wow! Fantastic guest. A year’s worth of education packed into a single hour. A home run.
and he also understands that the environment is an issue (and that policy needs adjustment)
LOL
I put this on while going to sleep to "catch up" on stuff. Since I couldn't see the video I was worried Adam was probably uncomfortable because this is a scathing attack on modern day Democrats. I came back and listened to again, this time with video and to my surprise Adam is totally getting it. I have corrected a few people in the past who advocated for high taxes (like the ones quoted in this talk) and I referred to what was called the "Laffer curve" I had heard about it. It is nice to see the man behind this uncomfortable truth. I have to save this one and remember some of the pearls of wisdom mentioned herein.
Thank you, Adam Taggart. It is amazing that you were able to bring the famous Dr. Art Laffer to your channel.
His ability to recall historical facts and figures is just astonishing. He went back to the 1960’s on some of his examples, and was quoting stock prices from that era. 😮 His levels of energy, mental acuity, and conversational skills for a man his age blow me away.
I think his full head of hair is more glorious.
I love this guy. Thank you for letting him rant. Most enjoyable interview so far in my humble opinion. He is 100% right.
The reason the Japan market stagnated was that it was grossly overvalued, possible by thousands of percent in some cases.
Japanese culture forbids bankruptcy as it is shameful. Hence, carrying forward ridiculously inflated valuations on failed loans is preferred. Ultimately one knows the price of everything, but the value of nothing.
This guy deserves more limelight on TH-cam 🎉
What a smart and honest person he ( Dr. Art Laffer) is and can speak out. America need more people like him! ❤
My face kept bursting into a huge grin listening to this 80 something year old human dynamo. What passion, what humour, what mischievousness and what common sense.
One of the best interviews by Adam. Laffer is outstanding. He's not just a brilliant economist, everything he says is just common sense. More people need to listen to him.
Art is on Kudlow all the time and gets about 30 seconds of air time between commercials and never gets to really express his opinions with the bark off until this interview with Adam. I’m not sure how Adam got Art to come on but it’s in everyone’s best interest that it’s a reacurring event as often as possible. Thanks again Adam. If you could get Larry Kudlow and Art Laffer on the same podcast it would be epic for all time.
I was way more entertained by this interview than I thought I would be. More please.
He is about the same age as President Biden - what an amazing difference in energy and mental capacity.
We have a joke of a President. So embarrassing. The left knows no shame.
Wow, not often I recognise a guest before watching the video. This is the definition of a living LEGEND.
Dr Laffer is a National Treasure.. Follow these recommendations and America can shine again..
The sad thing about this secular economic decline is that we've used much of the excess currency creation not to invest in wealth production but rather it has been soaked up by asset price inflation. Now four walls and a roof cost us 10x gross income in many coastal (i.e., blue state) areas from the traditional 4x gross income that is the historical income capitalization rate. So, instead of having a wealth of leisure opportunities, we must work much longer and harder to pay for basic living costs. Healthcare and education have followed suit.
And instead of working harder young men are feeling despair and dropping out of society all together. 7 million healthy working age young men are not working and not looking for work.
Imagine the stimulating effects of other sectors of the economy if only the household budget was not being so violently stretched to make the monthly mortgage payment. We could live ! And enjoy the elusive leisure time we were promised.
Excellent interview Adam. The respect that Dr Laffer showed to you demonstrates how much he understands the quality of your research and approach to interviews. Another excellent interview.
The guest quality bar keeps rising 👍🏻
til he regurgitated lines as if taken straight out the mouth of the propaganda media itself. The republican party "goes after minorities"?
"why are you going after the hunter laptop for? come on, they only stole the country as a result of censoring it... and just let insane degrees of corruption and criminality be. hes just a poor, corrupt drug addict"
You got Art Laffer? The man, the myth, the legend!!
I recall Art Laffer and his 'Laffer Curve' since the 80's. His academic credentials and erudition is above reproach.
But, I've always found his policy prescriptions pandering to high-income types, and they fail to address the world which this country operates in.
-He is for 'free trade'. Wonderful. You cannot have free trade when principal trading partners follow mercantilist trading rules. If you do, you end up with a depressed industrial sector (which is what has happened to this country after 50 years of 'globalization').
>
-(YT censor)......He asserts China grew rich by free trade. 'Free'? No, by 'Cheat trade' - theft of IP, any number of tariff- and non-tariff barriers to entry for foreign firms. Japan did the same, starting in the 1950's. China also relies on essentially slave labor and near catastrophic environmental degredation. How do you complete with that?
-(YT censor).. He wants a low tax rate spread over a broad tax base. Again, peachy. Will that same principle be applied to FICA taxes? What about the tax burden borne sales taxes and property taxes? -- For many lower income households the amount they pay for sales and property taxes far exceed their Fed income tax obligations.
-Also on taxes, he wants that broad tax base, but then suggests 'tax free' development zones for slum/ghettos... so he is already poking holes in his own 'broad tax base' principle.
-The 'low tax' mantra is a wonderful principle. The problem: reality.- the US maintains an imperial army/navy. - The rest of the OECD relies on that, so they don't have to build their own.
I could go on and on. I just find Laffer's policy prescriptions now, as I found them in the 80's - "laff-able".
The YT censor is censoring half my post -- even though it is simple policy-wonk stuff.
YT censor is incompatible with the community standard of Constitutinally protected free speech.
1. free trade is beneficial regardless of what the other country is doing you can run a payoff matrix for it pretty well and it will show the optimal strategy to be free trade even if per the example that you gave that the other counties were mercantilist the balance of payments still has to balance they run a current account surplus run up a balance of USD they either have to invest it back in US or invest either way we benefit.
2. China did mostly grow by free trade, minimal regulation and privatisation we compete with china through our exchange rate suppose every good made in china is cheaper the usd will fall as we sell usd to obtain Chinese goods causing a fall in usd making us goods cheaper.
3. Low income households can be supported through a negative income tax as per Milton Friedman.
4. i don't know if you are attacking military spending but i will defend anyway 4.1 we have to defend this country as history has proven 4.2 it provides a job that develops skills that are applicable in the workforce 4.3 it develops technology which is an essentially a public good providing a non excludable non rival technology to American industrialists and yes the Chinese but it doesn't hurt us to any practical degree.
I love this guy. I find myself going back to this video a few times.
Thank you, Thank you for letting Art Laffer tell his story without constantly interrupting! Many interviewers have to be at least 50% of the interview! Great job!
What an intellectually honest interview. More power to you Adam and Dr. Laffer!
been watching you for a year now. by far this was one of the most skillful handling of an indisputable economic genius that I have seen ..Good work!
Adam, this is a grand slam interview. Thank you for your work getting information out to us regular people
So far, he's the most enciteful person you've had on this show, He even has you almost speechless!!! LOL
He has been this insightful for last 40 years plus
til he regurgitated lines as if taken straight out the mouth of the propaganda media itself. The republican party "goes after minorities"?
"why are you going after the hunter laptop for? come on, they only stole the country as a result of censoring it... and just let insane degrees of corruption and criminality be. hes just a poor, corrupt drug addict"
Wow, I remember watching Arthur Laffer when he would do frequent guest spots on the PBS Nightly Business Report in the 1980's when I was in my 20's. Great to see him still at it and he hasn't lost his enthusiasm.
So awesome to have Art Laffer on the channel! Great show!
Dont trust him....I clearly remember how hipocrate he was in the last administration.
I'd introduce Art to Milton Friedman's views on government. He obviously loves to spout “solutions” without knowledge of information integrity and doesn't think government can lie.
Let's have more of Dr. Laffer!
Dr Art Laffer = Common sense in an uncommon world.
Very well argued, but Dr. Laffer did not elaborate on the consequences of taxing unrealized gains. An extreme case: If I am retired and the value of my house increases, I may not be able to pay taxes on the increase without selling the house.
Honestly, I think that is a feature, not a bug, for the people who push the idea of unactualized gains.
I enjoy Wealthion's channel very much (and Adam's perfect courtesy) but a little push back would be appreciated. One of many instances in this fascinating discussion : when did the US ever practice international free trade since 1776? Never. Not once. It always protected itself when weak and when powerful strong-armed other countries to prevent them from doing so themselves. It weaponizes international law or the USD to force foreign companies to sell their assets to the US and/or relocate to the US. Same with economic sanctions.
The solutions Dr Laffer are putting forward do not address today's economy where most private companies are feeding at the public funding's trough while throwing back 10% to whoever is the big guy politician that enables this feast. The industrial state of the US has nothing to do with the state of the 1970s so yesterday's solutions hardly apply (even if yesterday's mistakes are always useful to know).
Tax-free zones in poor neighborhoods have been tried in foreign countries and the results are not convicing.
I admire his punch and enthusiasm nevertheless.
If you want to see a great interview of Art type "Hey Art Laffer, let's go double or nothing on that penny you sill owe me." into TH-cam. It was an interview between Art and Peter Schiff just before the Global Financial Crisis back in 2007. Peter was saying that a major recession is coming and the housing market was going to implode. Art was saying to Peter that you have no idea what you are talking about, and that the US economy is in great shape. You can also read the comments below the video to see what people really think of Art. Art never paid the penny bet either as he couldn't afford it.
Listening to Art talk was really listening to his opinion on how the world should be according to his own economic theory not how it actually is. He didn't really talk about the current financial situation, which was probably a good thing as Art's track record is really bad.
Yes, but the Fed and almost all really smart investors missed it also. The rating agencies had the bad investments all rated AAA, when they were anything but. Everybody's mistake was trusting the rating agencies. There were only a handful of people who had it right!
@@biden-putin-stalin That's cognitive dissonance. I would advise you to go and read a book call "Mistakes Were Made But not By Me. You might gain some self awareness.
10:00 his explanation of ideal size government illustrates the private/public civil relationship in slightly more detail than the Laffer Curve, beautiful. So elegant from the perspective of a logician, so obvious to an honest politician. Love this guy.
til he regurgitated lines as if taken straight out the mouth of the propaganda media itself. The republican party "goes after minorities"?
"why are you going after the hunter laptop for? come on, they only stole the country as a result of censoring it... and just let insane degrees of corruption and criminality be. hes just a poor, corrupt drug addict"
Other than his friendship with conman Al Gore and the climate stuff, he's got some great points.
Adam; that was the best guest and meatiest interview I have seen you do. Will buy his book for sure.
Regarding the flat tax - it's refreshing to hear someone so knowledgeable endorse something so simple!
The average person doesn't understand when people are overtaxed, we just stop trying. Under Trump, I was working 60+ hours a week and managing rental property on the side.
Under Biden, I've gotten rid of the rental income and I'll work 36 hours this week. I've already taken a pto day. I'll physically work 24 hours. I like lazy time at home and time with family and friends too. When overtime doesn't benefit the person doing the work, we stop working.
If Trump wins the next election, the stock market will immediately shoot higher. Businesses will expand and hire more employees. Employees will work crazy overtime as long as it benefits us.
The chronically lazy benefit from tax cuts. They just aren't smart enough to see that 39% of 0 is 0.
Do you mean lazy like a millionaire trust fund kid or billionaire that can just live off of dividends without working another day in their life, while the rest of us that have jobs pay a higher tax rate on our labor than their long term capital gains rate? How fair is that? You don't have to do anything if you're wealthy. Let's give them some incentive not to be lazy huh?
@@taylorreed7471 I grew up on a farm. I'll be planting more in my garden today. I got married in high school and had a baby at 18. I've worked my behind off in manufacturing. I've completely paid for 3 nice single family homes. I'm 51 years old and the mother of 3 and the grandmother of 2. I could have easily retired on rental income or sold the homes I PAID FOR AND NEVER WORK AGAIN!!
Now tell me, how much do I owe society? I've been working since age 15. I don't mean I mowed a lawn in the summer at 15. I mean I worked 30 hours a week all through my high school years. Then I worked in manufacturing, raised babies, and became a landlord at 19.
At 51 I work 12.25 hour shifts in fiber optics so I could give my kids homes. My youngest daughter received a trust from her grandfather last year. She won't get the money till she is 25. The money didn't come from someone who sat on their behind. The man worked hard doing electrical work and bought/built a poultry farm over his lifetime. This was ontop of supporting a wife and 4 sons.
My coworkers back in my 20s were clubbing. Their money went to hair, nails, clothes, booze, and vacations. I spent my weekends with my children and cleaning rental property. I'm a 5'4 petite woman but I can rip up toilets and replace flooring.
Life is all about choices. My kids are lucky because I could have choose to party and be sitting here begging for a handout instead of helping them.
Why should ambitious people pay more than the chronically lazy and like to party?
Yes I get dividends. You can too if you choose to put money in the market instead of that splurge.
@@taylorreed7471 Just a couple of months ago, I was making hot dogs for my brown bag lunch to take to work. My son stopped to pick me up because we work for the same fiber optics company. I was telling him to save more money and invest instead of being losers like some of his friends that we work with. Then he told me I'm rich. I said boy do you see what I'm making for lunch. He told me it's a reflex. Took me a while to realize I'm a millionaire.
Even though I'm a millionaire, my lifestyle is so much simpler than the tenants I've had who are eyeballs deep in debt. So why shouldn't a millionaire be allowed to choose a higher lifestyle that the broke have been enjoying all along?
Because Math is harddddddd and now racist.
@@xrunner55 Racist? Tell that to Oprah. Tax payers just bailed her out at Sv. The only color that matters is green. Now stop feeling sorry for yourself. Your mom just liked the men more than working and having a decent life.
Incredible...any individual with an undergraduate or graduate degree in Economics or Business having studied in the 1970's to 1990's understood government is soley responsible for the standard of living. The challenge was UNLESS you acquiecsed to your professor or your employer you would recieve poor grades or put your career in jeopardy. This conduct has promoted a dumbed down educational institutions, removing any divergent thought or critical thinking. So the end result no leadership, no courage. In my view if the academics continue to use the term CAPITALISM we will never decrease governments or the corruption. We live in a REPUBLIC!
This interview was one for the record books. Classic!
Watching the animated Laffer under your interview was priceless. Well done and very enjoyable and thought provoking! Thxs.
This guy knows his stuff. That’s almost everything I learned about macroeconomics.
Art is an absolute legend. Great guest. I will be buying his books. He is an educator and someone that takes action. Love it Adam!! Great pick in your 2023 Wealthion Draft!!!!!!!!!!!!!!
I've always enjoyed Art Laffer...and having him COMPLETELY speak his mind is AWESOME!!! Fantastic stuff!!!
Dr. Laffer is a genius.
The rich financial dialogue with remarkable guests just keeps going, Arts financial prowess is legendary. Thankful you’re able to host such great guests.
With respect to Laffer’s #1 issue: he claims that ‘our healthcare outcomes have dramatically declined as compared to the rest of the OECD, and our costs have risen dramatically relative to the OECD - because we do not have price transparency’. Well, I’m sorry, but that is complete and utter nonsense. All of the rest of the OECD besides the US have healthcare systems which operate under some kind of universal healthcare coverage framework - where individual consumers have even *less* price transparency with respect to their own healthcare expenses - and yet their countries’ overall health expenditures are lower and outcomes better. Therefore, if you use the OECD as a benchmark, our dismal healthcare situation has nothing to do with ‘price transparency’. Instead (again, if you compare to the rest of the OECD as the benchmark), it’s about having a rational and efficient healthcare system where *everyone* is covered (which is how it is done in the rest of the OECD but not necessarily using a single-payer system, there are multiple ways to achieve universal coverage with varying levels of private healthcare in different healthcare systems in the other OECD countries).
That was a cogent response
What an amazing interview! Wealthion is just getting better and better!
WOW! What an amazing interview. I feel like I was privileged to sit at the feet of a master for a college lecture. What a high level guest.
Not sure that the argument that we should have no tax is that otherwise everybody will have equal income is such a brilliant one.
This is a gem of an interview!
Thank you Adam, Bringing Dr Lafffer to share his considered thoughts based on actual data that any reasonable person could easily comprehend. And his stories were both entertaining and exceedingly engaging.
While listening to this interview, I caught myself thinking so many times .. "how is it that Dr Laffer's views and philosophy on these matters is so much inline with my own philosophy " (especially on healthcare, illegal drugs, and flat tax).
Thank you Adam for bringing another awesome thinker to your audience!
The Hillsdale-Course with Arthur Laffer is really intersting. I made it in December and I still remember it. At the end there is a Quiz waiting. Everyone should do it !
I love this guy. I bet he is a treat at at Thanksgiving!
This is wild quality
Really well done Adam! I know you're smart, but to have Art say it out loud...wow! This is my favorite episode thus far! Damn that was fun to watch!
"They're north-bound ends of south-bound horses." Oh my god, I've got to remember that one. 😂
Great discussion! Absolutely loved this one. Thanks Adam!
One of your best interviews of all time!! This guy is hilarious and smart at the same time. Why doesn't he run for president?
Wasn't this guy the economist for the Reagan administration that racked-up
huge debt so much so gold rallied 800% ?
yes
Yes, but the debt was used to build up our military that resulted in the end to the cold war. It was well worth the expense. Reagan took all of the credit anyway. I don't know if Art even had a say. We should ask him.
Wow!
This was a wild ride for sure.
My head is spinning.
Thank you gentlemen for this amazing conversation!
Dr Laffer. I've toyed with an idea to broaden the tax base and limit government and enhance liberty and supercharge economic vitality.
FEDERAL GOVT is bankrupt and has created laws regulations mandates that last in perpetuity and build like arterial plaque in the economy and make in mathematically certain every person business local government is violating a law.
SOLUTION: Article 5 CONSTITUTIONAL CONVENTION to repeal 16th and 17th Amendments and reduce 4th Branch of Govt AMINISTRATIVE STATE and eliminate Federal Reserve.
Have graduated National Consumption Tax collected by individual States and remitted to US TREASURY.
Just an idea that has bounced around my head last 3 years.
Doug W.
Dr. Laffer for president!!! His ideas make so much sense, why aren’t more people listening!
Please, Please, Please organize a debate with Warren, Sander and Laffer. That would be so Great!
Put lawmakers on "Commission" that's also brilliant! Alligning incentives makes so much sense! Great stuff guys.
Another fantastic interview- learning so much from this channel. Thanks bunches for all the FREE info!!
i enjoyed Laffer's writings and statements since my undergrad years but when I moved to US for m grad studies I realized the hostility he was facing inside the neokeynesian academic establishment. One of my profs was telling me "Laffer's curve is for a lot of laughs"... I did enjoyed this today as well though.
"Laffer's Curve" did sell the idea that the deep Reagan tax cuts tilted toward the rich would produce so much new tax revenue that they would be ultimately tax-neutral if not better. This was widely predicted to be utterly false & that's actually what happened. Under Reagan's watch, the United States went from being the world's largest creditor nation to the world's largest debtor, and Laffer's disingenuous snake oil had much to do with it. I can't take this guy seriously.
That was a phenomenal discussion! I hope Dr. Laffer will become a regular on your show!
Great interview Adam. My first presidential election was in 1980 when I turned 18 and I cast my vote for Ronald Reagan. I remember Mr. Laffer from that time and I have always found him to be common sensical but he lost me with the climate change and alignment with Al Gore. I also take issue with one thing he said. I don't think government can be optimal. Ronald had it right when he said that "government is not the solution to our problem, government is the problem" and that the best "the 9 most terrifying words in the english lanquage. "I'm from the government and I'm here to help"
Macroeconomics MASTERCLASS 👏
A privilege to listen in on these gentlemen...
Justice is not revenge. A lack of justice and two-tier justice system can be even more demoralizing than poor tax policy.
Art is magnificent in his Econ lane.
I'd happily sit through a 4-hours lecture with Dr. Laffer...
"Lets do it guys. A honest conversation about the facts." What a legend
This is by far one of my favourite channels. What an amazing array of guests and perspectives! Fantastically well done Adam!
Very refreshing to hear the unvarnished truth when it comes to both economics and politics. Too bad we don't have any politicians that run for president that have both his wisdom and conviction. If he'd ever run for president he'd have my vote!
Probably one of THE BEST Interviews I have ever seen on this channel!
Art is a National Treasure
This guys is great. Data and facts. Keep up the good fight.
Art reveals the great insight that Paul robbing Peter results in a sub optimal economic outcome.
Next he will reveal that slavery results in a sub optimal economic outcome.
I did not know he is a Doctor but he does not brag about it. He is not arrogant and has years of wisdom and studies history which is as important as the present and future.
He makes so much sense, then has to go and start defending mass outsourcing and globalism after and amidst a 3 year span spent crippled by its' flaws.
Outstanding conversation, a honest common sense interview. Thank you Art and Adam.
You said it Adam - PHENOMINAL CONVERSATION!!!