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Laffer Associates Founder Art Laffer argues low taxes and minimal regulations will lead to job and economic growth.
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Poll offer more now on the Obama administration's plan to pay for jobs with higher taxes we're joined by art Laffer.
Former member of president Ronald Reagan's economic policy advisory board now chairman of Laffer associates.
Also the co author of the -- return to prosperity how America can regain its economic superpower status.
One of my favorite economists of all time -- -- great to have you with us.
Thank you very much -- -- to be with you we have just received word -- that that that the program we've got at least a sketch of what the president is going to.
The call for next Monday and his second installment.
Speeches.
Are calling for -- idea for low flat taxes.
And I'm sorry but this is the language used to like have no further definition -- flat taxes.
Our free trade.
And all -- war -- regulation.
At least stands.
If you will.
Ploy place holders.
-- detail they found earlier attractive do they now.
They sound wonderful I mean what you really want in this country -- there was a low rate flat tax spending restraint.
Free trade.
Minimal regulations.
And sound money and if you've got that package you'd have it but I don't see anything in that package coming from the present.
He's trying to do something when in fact we've got up -- -- lots of lots of stuff.
-- doing more will only make things worse.
Actually are there goes those are the tenets of your plan not the president's not yes they are they sure I'd loved my I couldn't.
I couldn't believe -- converted to go quickly live no actually I.
Well I think it's inaudible will look at all the White House immediately hey there -- we've got that is why I'm a I'm an Obama fan quiet but I did and you -- one other aspect into this which is sound money.
And sound -- money.
I think is really not in the equation here for some time no it's not.
What can we do about that.
Well you can't -- do anything about it until the next president takes office.
And then replaces Ben Bernanke puts someone back in like Paul Volker.
If you print dollar bills all over the place is Ben Bernanke's doing don't be surprised if they shrink in value.
And that's just or see in the foreign exchange as oil prices gold prices all that.
It's tragic it's we talk about free trade.
Pre trade is -- -- practice I think you'll acknowledge that well now and clear and those who want to attack anyone who is critical of these most recent trade agreements has to do so.
Against the the force of facts which are not a single job has been created in the last -- free trade agreements by any measure.
Secondly.
The idea of rolling back regulation the president made a reference to regulation.
But at the same time sort of extended his arms grabbed hold -- burdensome regulation right.
Brought them back to -- speech last week.
There are seems to be an entrapped ability in this administration.
-- certainly on the part of this president who leads that courts -- courts that says.
We're stuck with what we're we're gonna have here through January 2013.
Unfortunately that's probably true I -- with with no change in policies Lou it's not gonna get any better believe me.
But what let them if I can come back here at one on the free trade the real benefit of free trade is the consumers get high quality products low cost.
It's not a job creation process that I think of is free trade.
I mean what would we be like without foreign products in this country I'm it would be really hard to get bananas without cause the reeker Nicaragua so trade is something the benefits of all of us.
We sell them things that we produce better than they do -- they.
In turn give us things that they produce better -- we that's all.
You're describing any -- trade.
-- -- and soda and America has -- -- and they -- -- I mean our nation was founded if you will.
On a trade adjustment approach exactly at the Boston Tea Party.
It there and -- -- -- under there may be some.
Historical.
Resolution here that we're talking about tea parties in 2011.
Because we've got to come to an adjustment on these free trade agreements.
We've got a -- -- making sense out of our structural.
Unemployment because it has become which your system and chronic and we've got to look beyond the -- the normal rhetorical nonsense that make up.
Both parties on the issue I think you agree with that.
I don't know if I do agree with him last part -- and when I hear that that's why you're Republican candidates.
Yeah well I it when I hear the Republican candidates in the debates.
I'm -- very impressed with almost each and every one of them I mean each one of these people I think has the week -- wherewithal to be a good good present.
Not one of them would -- raise tax rates in the middle of a depression that's pretty smart stop.
All of them want to cut back the government expenditures most of them argue for sound money a little like you and I've been arguing for -- years.
You know I think these guys have really clearly demonstrated their already confident to be president.
Now all we have to do is let -- battle it out and see which one wins and see which one takes Obama's place well.
It's gonna be an exciting up fourteen months and it is exciting and I hope you'll come back since we can talk through some of these issues and perhaps.
Offer some guidance to -- to their -- as a prepare for the next round of debate.
Which is one that was -- as being with -- -- -- it it's a -- -- every hour on the hour it's almost and let me think what network is that on next Thursday the 22 I believe -- fox.
Are there life -- fox -- -- thank you Gregg.
