In an interview with Kathimerini, Dr. Arthur Laffer, the economist famous for the Laffer curve, elaborated on his support for former President Donald Trump, declaring him the best American president in terms of economics. Laffer emphasized several key accomplishments under Trump’s administration, including:
Tax Cuts and Reforms: Trump implemented the Tax Cuts and Jobs Act, reducing corporate tax rates from 34% to 21%, lowering the personal income tax rate from 39.6% to 37%, and expensing capital purchases. The death tax was also reduced, and Laffer praised Trump’s overall tax policy as a major factor in his economic success.
Healthcare Transparency: Trump created medical transparency in the U.S. by requiring the publication of healthcare prices and benefits, allowing consumers to make informed decisions about their medical needs.
Energy Independence: Under Trump’s leadership, the U.S. achieved energy independence and used trade negotiations to create more favorable deals with other countries.
Peace Through Strength: Laffer also highlighted the broader geopolitical consequences of Trump’s economic and foreign policies, asserting that a strong America prevents war and encourages peace. He compared Trump’s approach to that of Reagan, praising both for their tough stances that led to peace, including Trump’s ability to reduce nuclear threats.
On the topic of tariffs, Laffer defended Trump’s stance, explaining that while some critics argue that tariffs harm lower-income Americans by raising product costs, Trump’s strategy was to leverage American market power to negotiate better trade deals. He dismissed the mercantilist views of other countries, asserting that tariffs are a negotiating tool to foster freer trade for the benefit of all.
When asked about the similarities between Trump and Reagan, Laffer noted their shared economic principles but highlighted differences in demeanor. Reagan, he said, was a more reserved negotiator, whereas Trump’s style was more direct and confrontational. Despite these differences, Laffer expressed confidence that Trump’s economic policies would lead to another era of prosperity similar to the Reagan era.
Looking to the future, Laffer was optimistic about the potential for unity and prosperity under Trump’s second term. He predicted a convergence between the Democratic and Republican public as both sides would benefit from the economic growth and peace Trump would bring. At 84 years old, Laffer expressed his hope to witness the upcoming period of prosperity and peace, particularly for the poor, and a strengthening of global relationships with America at the forefront.
In summary, Laffer believes Trump’s policies on taxes, healthcare, energy, and foreign diplomacy have set a foundation for a prosperous and peaceful future, making him the most successful president in economic terms.
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