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An Obscure Economist from the Reagan Administration Just Might Reelect the President in 2020
Is it possible that a 78-year-old economist with degrees from Yale and Stanford Universities just might reelect President Donald Trump in November 2020?
Most people weren't even aware that President Trump awarded him the Presidential Medal of Freedom – the nation's highest civilian honor – last week for the impact he has had on the economy not only in the U.S. but worldwide over the last 35 years. Few know that the paper napkin on which he sketched the simplest of economic theories is now on display at the Smithsonian.
Arthur Laffer not only added the "Laffer Curve" to the lexicon, but "supply side economics" and "Reaganomics" as well. The concept was so simple that even New York Time's resident economist Paul Krugman grudgingly admitted it made sense.
Laffer was an adviser to the president during his 2016 campaign, helping to craft his tax policy, which would become The Tax Cuts and Jobs Act of 2017 – widely praised by corporate America for its reduction of corporate taxes from 35 percent (among the highest in the world) to 21 percent (among the lowest). As a refresher, the day after Trump was elected president (November 9, 2016) the Dow closed at 18,138. Last Friday it closed at 26,719, a gain of more than 8,500 points, or 47 percent.
The Laffer Curve is simplicity itself. It is predicated on the premise that lower taxes would result in increased economic activity.
Implementation of the policy has driven the U.S. economy, and Wall Street, to records. This month the economic expansion enters its 10th year, the longest in U.S. history. And the Dow is up almost 50 percent since the day after Trump won the presidency.
Can that continue?
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