Arthur Laffer defends strong Trump economic performance, surveys 2024 field
Famed economist Arthur Laffer spoke to Fox News Digital at FreedomFest about his view of the 2024 presidential race and what President Biden needs to do to improve the economy.
Dr. Arthur Laffer shared some advice he'd give to President Biden about how he should "rely on common sense."
"Joe Biden is just a little elderly now. I happen to be three years older than Joe Biden and… I feel my age. I feel that insecurity from time to time and the mumble of words and the forgetting of stuff and all that, you know," Laffer said in an interview with Fox News Digital during FreedomFest in Memphis, Tennessee.
The famed economist urged Biden to look back and see the things that he supported in the past that worked.
"Joe Biden needs to rely on basic common sense, and he knows it very well. Lower tax rates, broaden the tax base, sound money, minimal regulations, free trade, spending restraint, and then get the hell out of the way and let the economy solve itself," he said.
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Art Laffer spoke with Fox News Digital at FreedomFest 2023 in Memphis, Tennessee. (Fox News Digital)
"Joe Biden has done some great things in his past. He was one of the people who voted for the ‘86 Tax Act. It was one of the greatest tax bills, cutting the highest rate from 50% to 28%, raising the lowest rate from 12.5% to 15%, cutting the corporate rate from 46% to 34%," Laffer continued. "Joe Biden voted for it, thought it was great then."
Laffer is unquestionably one of the nation's most influential economists. Known for his work in the Reagan and Trump administrations, he is credited with popularizing the Laffer Curve, which analyzes the best tax rate for maximizing government revenue. After serving as a top economic advisor to the Trump campaign and administration, Laffer wrote the book Trumponomics with Stephen Moore.
Laffer was side by side with Trump as the ex-president handled the reigns of the economy during the darkest days of the pandemic. He offers high marks for Trump's rapid turnaround with Operation Warp Speed, but is generally skeptical of government responses in general, and the Biden administration's COVID policy in particular.
"People are much better judges of what's good for them than the government is. I'm 80… I'm very careful. I don't need the government telling me what to do, to be honest," he said. "You don't need masks on 6-year-olds in school. Please. They are not at risk with COVID-19. I am, and I sometimes wear a mask when I go out in public, but that was my choice. I could show up in my office or not show up in my office, that's my choice. I know how to take care of me really well. Joe Biden doesn't. I know better than he does what's good for me and for my family."
In addition to a close relationship with Trump and many top Republicans, Laffer also has longstanding ties with the Kennedy family. He offers high praise for RFK Jr., who also addressed the crowd at FreedomFest.
"I think this Bobby Kennedy Jr. guy is really pretty amazing. I've known the family for years, have been good friends with Joe Kennedy. I've been out on the Cape a number of times and I know Bobby and I think he's doing a really incredible job," Laffer said. "Whether he makes it or not, that's another story but, you know, when he puts up that sign 'I'm a Kennedy Democrat', well so am I. He gave the commencement address when I graduated from Yale. The Kennedys are my ideal. I love Reagan, and I love Kennedy because they're so similar."
Democratic presidential candidate Robert F. Kennedy Jr. spoke at the libertarian FreedomFest conference in Memphis, Tennessee on Saturday July 15, 2023. (Joseph A. Wulfsohn/Fox News Digital)
Perhaps surprisingly, Laffer also shared that he is also an enormous fan of Bill Clinton and his economic policies. He voted for Clinton twice:
"Of course I did," he said. "What rational person wouldn’t? Clinton cut government spending as a share of GDP more than the next three peacetime presidents combined. I mean, he got rid of all of these taxes. He cut the capital gains tax on owner-occupied homes. What's not to love?"
However, no administration is perfect, and Laffer believes Clinton, like Reagan, made a few mistakes.
"There were a couple of things he made a mistake on. He did raise the highest two tax brackets, that's true. He shouldn't have done it, but then again, Reagan did a couple mistakes too. He put tariffs on Japan for dumping, but Clinton as a president… I voted for him twice, and I’d vote for him again if he were running."
On the Republican side, Laffer views Florida Governor Ron DeSantis and South Carolina Sen. Tim Scott as leading contenders.
Florida Gov. Ron DeSantis also earns high marks from Dr. Arthur Laffer. (AP/Maya Alleruzzo)
"I love Ron DeSantis… I'm a fellow Yalie… in fact he and I were in the same secret society. He's a great guy, he's done a terrific job in Florida. What's not to love about Ron DeSantis?… Tim Scott, what a phenomenal guy. He's the best ever. We are so blessed with so many great candidates," Laffer said.
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Yet, he gave strong indications that he plans to vote for former President Trump.
"Frankly the one I really am very much impressed with is Donald Trump because he did it in his first term in office. He was spectacular on economics, I mean it, and if he's on the ballot I don't see how I can't vote for him. He's just a proven winner on economics, and I'm all economics," he said.
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