We're In The Middle Of A Massive Redistribution Revolution That's Destroying Growth | Dr. Art Laffer

Dr. Art Laffer, one of the most influential economists of the past half-century, joins Julia La Roche for episode 154.
Dr. Laffer is the founder and chairman of Laffer Associates, an economic research and consulting firm. Known as the "Father of Supply Economics," he is famous for developing the Laffer Curve, a representation of the relationship between tax rates and tax revenue that was foundational to supply-side economics.
Dr. Laffer served as a member of President Reagan's Economic Policy Advisory Board for both of Reagan's terms.
In our wide-ranging discussion, Dr. Laffer shares his insights on the current state of the U.S. and global economy, fiscal and monetary policy, and his outlook for the future.
Links:
www.amazon.com/Taxes-Have-Con...
Timestamps:
00:00 Introduction and Overview
01:08 The Five Pillars of Prosperity
11:13 Factors Leading to the Current Situation
26:08 Addressing Incentives in Politics
30:41 The Flawed Logic of Stimulus Spending
35:17 The Fallacy of Redistribution
37:38 The Impact of Tariffs and Trade Policies
38:04 The Lack of Economic Understanding Among Professional Economists
39:02 The Laffer Curve and Tax Rates
40:19 The Role of Private Money in the Economy
44:34 The Possibility of a Low, Broad-Based Flat Tax Rate
50:25 The Failure of Government-Controlled Money
54:30 Assessment of the Federal Reserve and Monetary Policy
57:23 The Importance of Economic Principles over Political Labels
01:01:50 Future Topics: Medical Transparency, Debt, Enterprise Zones, and Climate Change
#economy #economics #bitcoin

[@TheJuliaLaRocheShow]

Hey everyone! I hope you enjoy this episode featuring Dr. Art Laffer. Please join me in the comments section with your feedback. Also, let me know who you'd like to see on the show this spring. If you haven't done so, please hit the subscribe button. Thank you for your support. 💙Julia

[@ronchandler8799]

“Trickle down” is a pejorative invented by opponents of his ideas, which is usually what happens when you don’t have an objective, fact-based argument….

[@sanchessimoes169]

❤ 9

[@Tim29737]

This talk deserves multiple thumb ups

[@Resmith18SR]

I really think regardless of your political affiliation that Art Laffer has a POV that is valid and should be debated.

[@dustinhartlyn]

Definitely do a series with this professor!

[@jaylinn416]

One of the most important interviews of this year. Actually of this decade!

[@acornsucks2111]

He has a real grasp for the obvious.

[@fritzprints7182]

Hardly boring… clear, organized analysis is downright exciting. Art gives me hope

[@fubarbrandon1345]

Excellent guest and interview...thanks so much.

[@TheJuliaLaRocheShow]

Glad you enjoyed it!

[@freeroamer9146]

What an impressive man. We need more like him! 👍

[@GlendaMixer-jz7vc]

AMAZING interview. Plz have him on again. Love this. We felt like we were in history class. This is a REWATCH

[@user-vy2qp7nb3b]

Wow! This guy is amazing. Love he has the guts to call people out. He’s so genuinely honest, with no filters, that’s awesome. Wish every interviewee is as forthcoming, open and unfiltered as Art Laffer. Looking forward to your future interviews with him, as he is so eagerly offering and willing to do. And would love to view the debates he wants to have with his peers. Hopefully you’ll be able to pull those off. So glad to hear you’re going to have on Cathie Wood, as I follow her closely. Can you please have as a guest Ric Edelman? As he’s extremely knowledgeable with securing retirement, growing wealth, reducing debt, and all other matters regarding money. Thanks for the great job Julia.

[@joelbiju3628]

Excellent guest !

[@TheWealthandhealth]

Great interview with a real economic guru

[@Th3_Hoff]

What an amazing interview. I love how you let your guests speak without interrupting.

[@4000angels]

This was such an AWESOME interview. One of the best I've listened to in a long time. I learned so much! Thank you!!

[@rickbogden4626]

Yes do the other podcasts. I have listened to him for years but this his best. Thank you for letting him talk uninterrupted. It was very informative.

[@barbaraatkinson2204]

So wonderful to hear someone with some common sense and some great policy’s that would strengthen America with solid solutions.thanks Julia

[@robbiejones5407]

Julia please setup the additional interviews with Dr. Laffer. Thanks

[@TheJuliaLaRocheShow]

Will do! 💙

[@minnesotasalamander5913]

I vote we have him back.

[@johnj1694]

Julia Fabulous Interview!! Art another favorite of mine!! I really enjoy Arts economic fundamental critique and analysis. Arts 5 pillars of prosperity realistic point. Then he has the other 5 points to move to solving the problem. Your follow up question how did we get here brings perspective. Refreshing interview. A good question or topic would be- what does the American plan look like to pay down the 34 trillion? What does the constitutional budget look like line by line? I would think we need a 10-20 30 year plan. Art would be for sure one of say 3 people to lay out the plan. Art says he would like to debate. Unfortunately spenders are hard to talk with. Especially Arts Transfer discussion and facts. It would be nice but there needs to be a constitutional solution workshop that would also have to include the Dollar back to the gold std ,the Fed etc. And not to get long winded but real production of products and industry in the USA. Todays interview really strikes me and gets my organizational mind mapping out the constitutional solution to move back to basics of the USA. Thanks again for the interviews and your channel. Refreshing!!

[@Zanzan8]

Very good topic and interview

[@TheJuliaLaRocheShow]

🙏💙

[@ibukunoluwaeweje6655]

This was an amazing episode. Art Laffer is a very educational and entertaining guest 😂

[@alfixen]

One of the most excellent guests you had ever on.

[@lsheets1]

One of the most approachable/understandable economists since Milton Friedman.

[@junkscience6397]

What a great (extended!) interview, Ms. LaRoche. Dr. Laffer is from an innocent and unified America that in many ways, doesn't exist anymore, sadly. But his economic ideas are eternal, and work everywhere, always if allowed to do so! Thanks for the content.

[@TheJuliaLaRocheShow]

Glad you enjoyed it!

[@michaelfelli7661]

Art Laffer forgets ... 1) S&L scandal bailout 2) LTCM Hedge Fund bailout 3) TARP bailout 4) BTFP bailout No. Let's talk student loan bailouts. 😂😂😂

[@KK-pm7ud]

Student loans isn't a bail out. It is the decision to allow people to not pay their bills when they can and should pay them as promised.

[@michaelfelli7661]

@KK-pm7ud Sure thing, Professor. Any other dvmb things you wanna share?!?

[@KK-pm7ud]

@@michaelfelli7661 No. You have shown yourself to be who I thought you to be.

[@michaelfelli7661]

@@KK-pm7ud Yeah. Smarter than you. On April 9, 2020, the FED purchased $2.3 TRILLION of Junk Bonds from dogsh1t companies. Tell me again, Professor, why they can't buy student loan debt? Go ahead, Professor. Humor me.

[@user-xg6yc8ho3w]

The other thing is, the gov/Fed DOES create money out of thin air. They print when they want to. The $600 given to a man example he used COULD just come straight from government printing, rather than taking that $600 from someone else.

[@arturl7583]

Big bravo for another interesting guest, Julia! As well as for the class of true applied economics!

[@Seer645]

Sadly the USA was transformed during WW2 to a permanent Industrial-Militaty- Congressional Complex which requires permanent conflict to support its existence. Col. Fletcher Prouty stated in 1945 1/2 of the arms on Okinawa went to Korea and the other 1/2 to Vietnam, Coincidence? I think not.

[@0mar9]

Great guest

[@maxiewex1496]

Wow! Of the best podcasts on the economy I have ever heard. Well done!

[@GuyIncognito764]

Dr. Laffer for president!

[@Namegoeshere-op9hg]

Yes and yes.

[@stopmo01]

On another of his podcasts he mentioned he would love to do an interview on property tax. One of the few people I love to listen to on the economy.

[@gregory203]

What a bright and wonderful man. Great interview.

[@robbhoren2304]

This was absolutely fantastic. Such a great guest and I took so much away from the conversation. Thank you!🙏🏼

[@paulkelly2618]

I've just started listening to your guest over the past couple of months. I really benefit from his point of view

[@stickySituations415]

🎉🎉🎉 Thank you Mr. Laffer ! Amazing content!!! We want moreeeèe

[@user-nq2no8id4s]

Great job Julia!

[@user-nq2no8id4s]

Subscribed ✅

[@timmoore8663]

One of the sessions I’ve seen in quite awhile! Thank you!

[@davidkim8133]

I don't agree with all the statements made by Dr. Laffer but I do follow his arguments. And he makes some strong arguments!

[@olliehourt4999]

Strong work Julia!! Love your podcast

[@TheJuliaLaRocheShow]

Thank you so much!

[@indsov2010]

Been a fan of Dr. Laffer for decades! One of my earliest influencers to embrace the Austrian school.

[@dls1980fly]

Excellent interview! Thank you.

[@nataliablumke5608]

Great interview !

[@paulasaavedra3696]

🙌🏻👏🏻👏🏻👏🏻 Great Guest & Interview!!! 🌟

[@sheevamatimbas4300]

The Econ 101 masterclass ❤😊

[@heehong127]

Thanks for sharing. Matthew 25:14-30 Parable of the talents confirms the saying “Heaven helps for those who help themselves”.

[@timsprong1490]

There is a value for free trade, and it is important that it be recognized for clear analysis of the goods and services traded internationally.

[@nicholaswempe1647]

Love it, please have him back

[@jimformermilkman]

One of the best guests I’ve heard on here. Hopefully he will do the extra shows you spoke of. Good job out of you !!!

[@TheJuliaLaRocheShow]

We definitely will 😊

[@lsu205]

Best video yet. More of Laffer and have him debate Paul Krugman.

[@Ragnarok77]

A great man! That just about sums it up...

[@davidmckenzie4515]

I really liked him I didn't think I would but he is right on

[@billirons6277]

I love art Laffer

[@barbaraatkinson2204]

So clear and precise thank Julia spot on stuff!

[@anandp3991]

Julia, you are so kind and unbiased with all your hosts. Don’t change ever. If you ever want to eat good Indian food then please come home. My family would love to have you. People just don’t do something like this anymore. Invite home for food is the most heartwarming experience for many.

[@Erikpdx]

One reason distribution doesnt necesarily lead to less income is people need a certain amount of resources and security to work at their highest efficiency. They need to be healthy, for example. Keeping your population sick and weak doesnt give you higher productivity because you think they are incentivized. On top of being physically unable they are demoralized. Parents that cant afford day care arent going to be optimal workers if one has to stay with the children. We redistribute wealth because it actually benefits society to make sure these services are distributed. Education is another obvious example

[@Koolken44]

This guy is the best.

[@markrand652]

Look forward to the next video. I would love to be able to submit questions to the points or premises I don't either understand completely, or disagree with; as a teacher I'm sure he would be happy to teach. Maybe a link provided to answer when he has time, or if even reasonable to answer. (hopefully there would be enough serious questions of those truly wanting to educate themselves) I've admired his work since he was in the Reagan Admin.

[@BrianHeimbuecher]

I have lots of respect for Dr. Laffer. I got a kick out of Charles Payne congratulating/ribbing him earlier this week on being on a short list of Fed chairs should Trump get elected. Thank you both for the interview!

[@TheJuliaLaRocheShow]

I asked what he'd do if he were Fed Chair toward the end 😊

[@Resmith18SR]

I found it really funny when he said that former President Clinton was a creepy person, but very good on economics. I actually liked Clinton's personality, his intelligence, and his ability to connect with the average American and speak extemporaneously.

[@GerryCrews]

Julie, you discussed with Dr. Laffer a future show with him and a liberal economist. I would love to see that discussion cover the fallacies of MMT.

[@justpete2748]

Absolutely loved this. Watched to the end as I’m sure I would if there were more!

[@TheJuliaLaRocheShow]

Thank you so much. We'll do more of these. 💙

[@WhoCares..808]

Hallelujah 🙌- absolutely 💯!!!

[@peterdikeakos8114]

Dr. Laffer is a great economist and I believe in the Flat Tax plus.....in my Luxuries Tax because Luxuries is a status which can be well covered by Insurance. The only inequities, to be disputed of course is what is Luxuries and what is not. For instance, if a car's price is XYZ and somebody pays X2 has every right to buy. So, Government taxes on Insurance companies should rise also. No Free Lunch to Insurance providers in general. 🎉 Thanks.

[@detectiveofmoneypolitics]

Economic investigator Frank G Melbourne Australia is following this informative content cheers Frank 😊

[@omerarduc7371]

Love your channel Julia.

[@TheJuliaLaRocheShow]

Thank you 😊

[@karlbork6039]

He is very sharp for 83 years old.

[@davidmann2524]

This is the guy that watched and oversaw Reagan spend a ton of money while cutting taxes. What a clown.

[@jonjonpr787]

Still he’s saying is hard to be a government official because you have to lie and do shit you don’t wanna do

[@davidmann2524]

@@jonjonpr787 lol it’s much much worse in the private world. At least in the government area you have some job protections in place. It’s why the further you go up the chain, the bigger sociopaths and cowards you’ll find

[@joesb213]

my humble obesiances at this mans noble feet ....enlightening to say the least

[@Reason-Logic]

Art's monetary knowledge should be mandated in AI programming! What a brilliant mind!

[@pabs5270]

In the 1950s taxes were very high, and that was a decade of tremendous growth.

[@peterbedford2610]

He's maintained the look after all these years....and his theory being wrong just as long

[@PhantomO01]

Love this interview. As they tax me more; I try less but pretend more 😊. As they raise tax; I charge my customers more, simple as that. 😊

[@harambenolevest69]

GOAT

[@edmundlively8137]

Insider information is already priced into the market ! 😮

[@ryanbaileyboxing]

Thanks

[@Dan-lu8qu]

Usually if I like it I give it a thumbs up, very seldom do I subscribe simply because of the content. The content's good but not good enough, and most of the time it gets boring. I don't have to agree with everything, I'm after information that I can decide whether it's right or wrong. After listening to this podcast it was a no-brainer to subscribe. Thanks Dan

[@TheJuliaLaRocheShow]

Hi Dan, Thank you so much. I'm grateful. 💙 Julia

[@MeJonTheDon]

At first i thought "ah great, another career academic." But then i found most of this guy's stance to be quite accurate and would love to see him on again! The parts i dont agree with, are not ones i necessarily disagree with, but rather wpyld like to see him dig into more. This relates to taxes in a few ways: 1) what about privatizing or creating more co-op based revenue systems, rather than making everything political. You pay for what you want to use, maybe with some excess for what you don't (even if just not at that stage in life), and make it competitive to get those things in place. 2) remove tax rates that can change or increase in total amount from purchased assets (i.e. you shouldn't pay more for infrastructure for government and nearby infrastructure because of a paper gain on real estate due to someone else nearby paying more for their property than you did -- the newcomer should always have to pay for the increased cost). 3) hold federal government accountable by pricing everything in states in some relatively stable money or basket of goods, so that it is clear to all who are blind or uninformed as to what is going on. States can aim for price transparency without actually creating a new money, but instead just making it easier to view the dabasement of dollars. Those states who implement such a system will effectively outcompete states that do not, becuase the states that do not will be disproportionately taken advantage of to the point of irrelevance, making the winning states hold more austority over decision making at the federal level to scale of the system of accountability and reinstate a means of a balanced budget.

[@Erikpdx]

His ideas are still academic from the opposite side of the table. It's pretty easy to pick most of it apart. Like the premise the rich will always avoid taxes as a fact of nature, when it's really just a choice to allow it with loopholes. Sure, if you give them an alternative they will take it like everyone else, but it doesn't have to be that way

[@Seer645]

Much said is true and idealistic but for 7 years running Finland and its neighbors earn the happiest countries ranking while the USA drops out of the top 20. The ultra rich do not pay taxes as they have Trusts, Foundations and Off shore accounts. The USA is a corporatocracy with Blackstone and a few others owning most of the wealth. With robotics and AI there is less need for large populations. The waste engineered by built in obsolescence is astronomical. The G7 Globalists want their Corporatocracy to be even more global and controlling while they continue their illegal schemes , see Ronald Bernard.

[@user-xg6yc8ho3w]

“Hard times create strong men, strong men create good times, good times create weak men, and weak men create hard times.” We're in the phase now of our weak men/women creating hard times.

[@jayman732819]

How about stabilizing the dollar?

[@johnbirman5840]

Free trade is great - when both sides of the trade have the same freedom. But if the EU or China slap tariffs on us - which they do - one cannot foolishly remove your own. Adam Smith - the Father Of Free Trade in his book “Wealth Of Nations” has 2 instances when Free Trade does NOT apply: 1) National Security “stuff” 2) when Nations dump their goods on another country, and take no goods back. (In his day it was ships unloading, and returning with only “ballast”. England was doing that) Free Trade for it to “work” must be reciprocal.

[@paulaballetdancer4432]

Dr. Laffer then what to do?!!!

[@wam122]

And yet , U.S. markets are at an all time high... Dr Laffer views are perhaps out of step with reality . The sky is falling really?

[@dazedhavoc]

I like this guy.

[@Mr94Integra]

John Cochrane at Stanford's Hoover school as a future guest! Steve Bannon would be a great guest, too. He's a walking-encyclopedia. John Taylor at Stanford, who is known for his monetary policy rule called the Taylor Rule. Professor Laffer is on point that getting an academic tenure is political.

[@TheJuliaLaRocheShow]

I'll reach out! Thank you.

[@TheJuliaLaRocheShow]

I just secured an interview with Dr. Cochrane this month. Thanks for the recommendation.

[@Mr94Integra]

@@TheJuliaLaRocheShow great catch!

[@thebibleuniverseity4388]

While you listen to this remember that Trump endorsed his book. Not a bad thing, just to keep things in perspective in case you haven’t read his book yet. Enjoy!

[@infraaa_]

I wish Mister Gaffer was a larger voice within the macro economics sphere

[@Steven-jx7ch]

i think collagen peptides in your coffee is essential for my life expectancy 111 project ;)

[@paulaballetdancer4432]

Politicians deny human nature and the critical effect of morale.

[@Erikpdx]

By outperform he means cutting taxes started off a new speculative inflationary bubble that ends poorly

[@leejacobs8887]

When you charge for your let's say work Watch 1) your customer if he Smiled your price is to low 2) your customer if he is crying 😢 your price is to High 3) your customer just dropped one teer😢😢😢 your price is 100 % I am 81 and been there dun that Lee

[@sudo2998]

@23:00 Yes Art, but that's a great way to cool the economy while taking care of everyone, which is what we're going to need when the super-rich finally manage to bankrupt everyone. Either that or there's a people's revolution, and the super-rich can use their excess money to build themselves private militias - which is what has happened in many parts of the world.

[@pabloeyelid7006]

Sharp mind. I hope i stay as sharp at his age.

[@bn7228]

Art….this just isn’t ever happening…..low rate broad based tax? Lower taxes for Buffet…..higher taxes for the poor? Cmon Art…..let get a serious plan.

[@timsprong1490]

Henry Kissinger placed a value in international trade and made the Petro Dollar. I have never heard an economist use this value. That is the value of exercising commerce around the world freely without piracy or interference by force. There is a large value here that the United States has given the world that is not included in economic models. Without this being included, I find most models incorrect.

[@Jacobcurman]

How about the wealth gab increasing exponentially ?

[@feioverney7875]

Come on, California’ economy/GDP has surpassed Germany. Most producing states Taxes, Florida, and Tennessee. He should share his numbers! And which states are the net contributors to federal government. Please share his findings/ research

[@ryantinney]

Those states do not match his political ideology.

[@timsprong1490]

The reason why money's outside of the Petro-dollar are being experimented with is because it is thought the diminishing return for the protection of commerce is being reached. I believe this is misguided. The costs of this protection keeps going up.

[@leonbosman9036]

You do not need the extra hair, Dr. Laffer ads enough to your show.

[@TheJuliaLaRocheShow]

Extra hair?

[@paulaballetdancer4432]

What should we DO?!!!!