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Laffer Associates Chairman Art Laffer on the need to rein in government spending in the U.S. as well as overseas in countries such as Greece.
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Well joining me now Arthur Laffer former member president Ronald Reagan's economic policy and advisory board chairman of Laffer associates.
World renowned economist the co author of the book returned to prosperity how America can regain.
It's economic superpower status -- great to have you here.
-- thank you very much it's my pleasure let let let's turn to Europe we're watching.
There -- a lot of volatility in the markets in Europe in particular in some some spill over to ours as well Asia.
How long do you think we're going to see the world kind of fixated on a a a nation of ten million people Greece.
That is shown no inclination at all toward fiscal responsibility or for that matter.
Much of any kind of cohesive national policy or direction.
We'll continue to focus on Greece and Spain in these other countries -- until we get our house in order.
These people are only behaving as we are times ten.
They're like errant children.
They're gone crazy they're doing what the adults -- In extreme.
And until the US gets itself -- or you can't expect -- -- like Greece.
Spain and other countries to really do well we are the central nation of the empire and if we don't do it.
No one else well.
Where this information.
Of the empire.
-- you said but.
I -- not so sure about who also is in the empire you know as we look toward Europe there are yours -- change we just saw -- -- the ninth head of state.
Are replaced.
-- -- Along with India of course.
Where are we headed here international.
Well internationally once we start change in politics -- once we change our attitudes and start creating jobs -- -- employment growth.
We're headed straight south now fortunately -- I mean the situation in the global community as there isn't really today a military challenger for the United States like there was -- 1981.
So we do have a little -- at least on the military political front.
But frankly you're seeing exactly what was happening and Jimmy Carter's last year's happening today in the global community it's it's tragic when the US.
Loses its force my sure its ability.
To really lead the world.
I think it's a little compounding I suspect to many Americans.
The -- on the right we have conservatives.
Talking hawkish -- about military.
Enterprises that almost rise to the level of adventurism.
I think it's fair to get there have been some quarters back on the -- we have redistribution.
Us.
Talking them behaving as if they are indeed.
Socialists do with their commitment to perhaps refining that ideology of bit.
And economic philosophy where.
What is it gonna take for America to regain its free enterprise capitalist.
Heritage and underpinnings economically what will it take for us to be eve.
Will likely constitutional.
Free republic we are.
Doubled the number one on the the sort of military adventurism hearsay exactly that you thought would -- here you see with Obama.
I don't see why we're in Afghanistan I don't see why we're in Iraq I mean I do think we should have gotten in there and gotten rid of Saddam Hussein but then get out I mean there was no reason for us there.
On the other side and economics.
-- we need spending restraint we -- low rate flat tax we need -- money into it's just terrible what the Fed is done.
We need free trade and we minimal regulation we need to repeal obamacare Dodd-Frank we need to raise the ceiling at minimum.
For sarbanes Oxley we need energy were.
For -- or go back to glass they've all of -- think.
You're sure to go back and outrageous some stuff -- -- the made to I you've got -- you wind you don't even have to trade -- anything -- you've got it.
I love it and them.
But are you -- the Volcker Rule through.
Absolutely.
I'm not solved by a -- -- we -- talking about a free enterprise economy.
That yes it seems to be you know if you remember it is certainly more visibly I'm sure.
Because you were in bashed in in the debate over supply side economics from folks realized in the mid seventies.
That congress has collapsed with the savings side of the equation and economics and barely out of government while it's up.
-- it right now it seems like there is no model for this this this is not -- it's just.
It's ad hoc it's had hot.
-- -- -- -- If you know promising things that you can't deliver you know stimulus doesn't work.
You know if the people who earned the money don't get to keep it.
They won't spend -- and they won't continue earning it when you look at all of this stuff going on with the regulations I'm surprised you missed.
I give you didn't go on their attack on money market funds have you seen what they're trying to do the FDC and the Fed and regulating and taken over money market funds it's just tragic what these guys.
You're doing well.
The only reason I can offer that by -- -- and did not mention that was a matter of some time constraints are fact -- and so I would.
It's amazing -- thank you it's my pleasure are Laffer.
