You're watching...
Former Reagan Economic Advisor Art Laffer discusses whether Ronald Reagan could have done a better job than President Obama during his first term.
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
Now Democrats argue that President Obama needs another term to fix the economy here's Bill Clinton from last week listen to -- No present.
No president.
Not me.
Not any of my predecessors.
No one could have fully repaired all the damage that he found it just more.
-- even need you all art Laffer former Reagan economic advisor and natural light up.
-- I guess when he said that no president you -- really -- that a pretty straight there.
It -- pretty weird what he said I mean you know maybe he's parsed words with the word fully repaired all -- every single thing that was wrong.
But -- -- basically it's not true.
Bill Clinton reminds me of -- revive that that cut up in class to remember in high school like we had one in my high school he had a whoopee cushion.
But he sat in the back I don't -- -- Bill -- direct or do you remember the coasters slog Charles Abbott Charlie Brown what -- -- you know.
It'd -- about Clinton is that he's a lovable what is.
Well cared under the and a lot -- -- that's -- many are takes in the exact opposite they've taken us some sort of up almost unbiased or pull Hussein the American economy.
And would that be the best person the best president at least opine -- this kind of stuff.
While he was a great president when he was president I voted form twice as you know Charles but he's not correct on this I mean Reagan did a great job and 8384.
We had growth rates in the five and after 9% range quarterly.
And and 84 we had huge growth rates.
-- Harding and Coolidge did the same thing it's 4324.
-- this post World War I depression there.
And Bill Clinton did a great show as well so Jack Kennedy did a great job to help our -- -- what is -- is Obama so.
Yes there -- more what is the difference then what is the difference between Obama and Kennedy and Ronald Reagan and in Harding and all of these others who despite the President Clinton had to say about history were able to step up to the plate and turn around.
Yeah it even Bill Clinton himself by the way but if they don't you can't tax and economy of the prosperity Charles it just doesn't work that way.
-- -- government spending is taxation pure and simple they don't create resources they re distribute them.
So what you see with -- -- he's put in all the wrong policies every single one across the board he's a great guy and he radios.
But but but he's wrong right and you know Clinton and Clinton Reagan Harding Coolidge Kennedy.
All did the right these Kennedy's tax cut were spectacular.
His one term what's called the go go sixties he didn't even finish one term and it was already -- legend.
In the great performance Reagan I mean the roaring eighties and in the roaring twenties and Bill Clinton I've got to tell you -- -- spectacular job.
He cut the capital gains tax he got rid of capital gains taxation for owner occupied homes welfare reform where -- actually have a look for a hobby -- welfare.
He cut the tax on people between 6572.
Who had they lose fifty cents and Social Security benefits for everything right but.
It was just great.
But art I -- -- art rental this is David as one of one of the knocks against -- comparing Reagan and the Reagan come back to what's happening now is.
If the economy did take off and 83 wants a tax cuts kick in like gangbusters that's right but that was a huge drop in the tax rates we don't we nobody's suggesting we Romney's not suggest -- such a big.
Cut the tax -- so would with the change be so dramatic as it was during -- -- -- -- -- -- Romney is talking about -- point 8% cut all tax rates.
On income let alone his huge capital tax -- he's getting rid of the estate tax so I think Romney's talking tax cuts but not only in.
I I don't know what would have the same type of impact today David -- -- admittedly when we were in office tax rates were much much higher.
Right and don't have a lot larger kick when you cut -- high tax rate that would you cut a low.
I -- about them though are you guys I gotta tell you I think -- economy so that Reagan dealt with was was tougher than Obama's economy.
And I think the laid -- appropriate prescription for and you know what have we did move away from pure politics that would have been the right medicine this time around as well -- collateral -- Thanks -- we appreciate it.
Charles can I can I just commend David Asman.
I had no idea David you worked -- Cabrini green you know I'm from Chicago you know what I outlet like us now live and that's coming amazed that some here in New -- to conservatism physical scars to prove that they thought architect of the NRA thank you --
