Reagan economist Dr. Laffer warns of US economic health concerns.
OAN’s Daniel Baldwin
11:59 AM – Monday, September 11, 2023
U.S. Treasury Secretary Janet Yellen says she is very confident that the economy can achieve a soft landing amidst worries of a possible recession. But Reagan economist Dr. Arthur Laffer says that she is missing the point entirely.
“The right question is really what does the U.S. economy look like in the long perspective,” Laffer told One America News. “And since about the year 2000, the U.S. has been in a very major secular decline.”
Laffer argues that Yellen should be taking a more holistic view of the health of the U.S. economy.
“What will happen not only this year and this next quarter, but what will happen over the coming 5, 10, 15, 20 years to U.S. prosperity in the U.S. role in the economy, those are the things that I think are really important,” said Laffer. “And those are the issues that the Secretary of the Treasury should be focusing on, instead of this silly little market talk about whether stocks are gonna go up or go down or soft landing.”
There have been multiple warning signs regarding the health of the overall U.S. economy. The Beige Book, which was released by the Federal Reserve, suggested that consumers “may have exhausted their savings and are relying more on borrowing to support spending.”
UBS is projecting that more than 50,000 stores could close by 2027 due to “expected cutbacks in consumer spending, tighter credit and the continued shift to e-commerce.”
Additionally, a government watchdog group has projected the federal deficit to double to roughly $2 trillion this year.
“We all know that government spending is deleterious to the economy, not only in the short run but also in the long run,” Laffer said. “And [the Biden Administration] has been spending like drunken sailors.”
Despite this estimate, Biden has claimed that he has lowered the deficit.
“Unlike the last president, in my first two years … I cut the deficit $1.7 trillion,” Biden told a Pennsylvania crowd on Labor Day.
The Committee for a Responsible Federal Budget cited both increased Social Security payments due to inflation and the Inflation Reduction Act.
“We need to get back to basics,” Laffer told OAN. “Low rate, broad-based, flat tax spending, restraint, sound money, minimal regulations, free or trade, and then get the hell out of the way, and let the economy solve itself.”
The U.S. national debt also sits at nearly $33 trillion. A new CNN poll revealed that 58% of U.S. adults surveyed believe Biden’s policies are making the economy worse. Laffer says it is not too late to turn things around, but the Biden Administration needs a serious policy pivot.
“It’s like a cigarette smoker worrying about his health,” Laffer said. “And he’s so worried he has to have another pack of cigarettes. It’s the wrong way to go.”
Stay informed! Receive breaking news blasts directly to your inbox for free. Subscribe here. https://www.oann.com/alerts
In an exclusive interview, Kentucky Senator Rand Paul tells One America News that as new Covid requirements are emerging at some schools, there is no good science to support mandatory masks and vaccines among young people.
U.S. Army veteran recalls the military response to the terrorist attacks on 9/11. One America’s Jessamyn Dodd has more on the day that changed the world.
Former Richland, Washington school board member Semi Bird, who was recalled because of his opposition to mask mandates, says he’s ’the peoples’ candidate’ in the GOP primary for Governor in Washington state.
Immigration reform law institutes’ Matt O’Brien says a new report concludes that a border wall system like the one employed by the State Of Israel could reduce illegal migration at the U.S. southern border by 95 percent.
By Nate Raymond and Jonathan Stempel (Reuters) -A federal appeals court on Friday ruled the White House, the FBI and top health…
By Yelin Mo and Brenda Goh BEIJING/SHANGHAI (Reuters) – A new series of smartphones launched by China’s Huawei Technologies has drawn global…
(Reuters) – PetroChina has acquired 100% of electric vehicle (EV) charging firm Potevio New Energy Co Ltd in the latest lower-carbon investment…
By Munsif Vengattil BENGALURU (Reuters) -U.S. chip firm Nvidia and India’s Reliance on Friday said they have formed a partnership to create…
" Conservative News Daily does not always share or support the views and opinions expressed here; they are just those of the writer."
*As an Amazon Associate I earn from qualifying purchases
Now loading...