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Top Reagan Economic Adviser Makes Bold Prediction About How Long Trump Boom Could Last

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Top Reagan economic adviser Art Laffer stated on Friday that the current boom the U.S. economy is experiencing could last for up to a decade.

On Fox News, Laffer was asked to respond to Trump National Economic Council director Larry Kudlow’s assertion that the 4.1 percent Gross Domestic Product growth rate achieved during the second quarter is sustainable.

“It is surely possible,” he answered. “My view is it’s really possible for the next eight or ten years, it’s possible to get this type of growth to bring us back to the standard of living we were living at when Clinton left office and we had the disaster of (George W. Bush) and (Barack) Obama.”

Laffer added, “Whether it will happen or not as Larry said, it’s all policies oriented. Policies really matter. Tax cuts, sound money, free trade, minimum regulations and spending restraint, all of that matters and this administration can do it and really set us off on the launch pad.”


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In his 2009 book, “The End of Prosperity: How High Taxes Will Doom the Economy — If We Let It Happen,” Laffer, along with co-authors Stephen Moore and Peter Tanous, argued that the tax and deregulation policies enacted under Ronald Reagan beginning in the early 1980s unleashed a 25-year economic boom.

Kudlow — who served as an economist in the Reagan administration — wrote the forward to the book.

At a cabinet meeting on Thursday, Kudlow said that America’s current economic boom launched under Trump is the most important and underreported story of the year.

“By far the single biggest event, political or otherwise, this year is an economic boom that most people thought would be impossible to generate. Not a rise, not a blip — a genuine economic boom,” he said.

“Confidence is everything,” Kudlow added. “The new numbers coming in — retail sales, industrial production, low inflation, a rock-steady dollar. Trillions of dollars of capital from all over the world is coming into the United States because our economy, our investors, our workforce are crushing it right now. We are crushing it.”

The economist contended the boom is having a positive effect on American workers’ take-home pay across the board.

“So that measure is growing at 3.1 percent the last 12 months,” Kudlow stated. “When we came to office, it was less than 1 percent on a 12-month basis.”

Do you think the Trump economic boom will last?

He emphasized, “Everyone’s wages and salaries, adjusted for taxes and adjusted for inflation, is growing at 3 percent. It’s a tremendous number. And there’s no signs that’s abating.”

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“It’s like, if you give Americans some freedom to run, they will run.”

Kudlow believes the current growth is not a “one-quarter blip,” citing rising productivity and business investment and low inventories.

“And presidential policy — low tax rates, roll back regulations, open up energy, trade reforms to help the American workforce and the employers — across the board, we’re not punishing success; we’re rewarding success,” he said. “We’re not against businesses; we are for businesses. And we have a President who, in my words, was telling folks to take a rip at the ball, and they’re doing it.”

In Kudlow’s assessment, “We’re in the early innings.”

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Randy DeSoto has written more than 2,000 articles for The Western Journal since he joined the company in 2015. He is a graduate of West Point and Regent University School of Law. He is the author of the book "We Hold These Truths" and screenwriter of the political documentary "I Want Your Money."
Randy DeSoto is the senior staff writer for The Western Journal. He wrote and was the assistant producer of the documentary film "I Want Your Money" about the perils of Big Government, comparing the presidencies of Ronald Reagan and Barack Obama. Randy is the author of the book "We Hold These Truths," which addresses how leaders have appealed to beliefs found in the Declaration of Independence at defining moments in our nation's history. He has been published in several political sites and newspapers.

Randy graduated from the United States Military Academy at West Point with a BS in political science and Regent University School of Law with a juris doctorate.
Birthplace
Harrisburg, Pennsylvania
Nationality
American
Honors/Awards
Graduated dean's list from West Point
Education
United States Military Academy at West Point, Regent University School of Law
Books Written
We Hold These Truths
Professional Memberships
Virginia and Pennsylvania state bars
Location
Phoenix, Arizona
Languages Spoken
English
Topics of Expertise
Politics, Entertainment, Faith




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