Next week, Donald Trump will award the Presidential Medal of Freedom to “the Godfather of supply-side economics,” Arthur Laffer. Trump’s decision to bestow America’s highest civilian honor on Dr. Laffer is one for enormous celebration, as few have contributed more to American prosperity than he has. Arthur Laffer came to prominence in the 1970s by championing income tax rate reduction (i.e. ‘The Laffer Curve’) as well as a stable dollar (via the Mundell-Laffer hypothesis). Taken together, these two pillars amount to what historian Nathan Lewis refers to as a “magic formula” for economic growth. President Reagan used this playbook to
Newly released poll data should give pause to those who doubted Trump’s tax cut and regulatory reform agenda. It’s now official: the Trump economy is doing so well that the mainstream media is forced to acknowledge it. From CNBC: For the first time since President Donald Trump took office, the CNBC All-America Economic Survey shows more than half the public approving his handling of the economy, and it appears to be having some impact on his overall job approval rating. The president’s economic approval rating surged 6 points to 51 percent with just 36 percent of the public disapproving, a
Recently, the Congressional Budget Office (CBO) released a report stating the national debt will increase by an additional $1.9 trillion over the next 10 years due to Trump’s tax cuts. Unfortunately, while the growing national debt has led to hand-wringing from Republicans and Democrats, a logic-defying narrative has emerged on what is to blame. Therefore, it needs to be made clear: No, the Trump tax cuts are not blowing up the debt. It should first be stated that the CBO’s numbers ought to be taken with a grain of salt, because the CBO is almost always wrong — quite often, spectacularly so.
Recently, there has been increased discussion that Congress is gearing up for a “Tax Cut, Phase II.” This is a terrific development — a second round of tax cuts will reveal in bright colors which members of Congress are for and against more money in workers’ wallets. There are mountains of evidence to suggest that Americans have increasingly embraced the first round of President Trump’s tax cuts. In response to Trump’s legislation, over 440 companies (and counting) have offered their employees bonuses, pay raises, and increased benefits. On top of that, even CNN was forced to admit that the February
Last week, I was fortunate enough to be among the ‘fake news’ press pool covering the annual Conservative Political Action Conference (CPAC) in National Harbor, Maryland. As always, the American Conservative Union put on an incredible event and, with speakers including Vice President Pence and President Trump, this was undoubtedly the most high-energy CPAC in years. Since a common refrain from the event was to avoid ‘complacency’ in the aftermath of historic victories in 2016, I am sure the enthusiasm at the convention was a welcome sight for many. The most important moment from the conference, in my opinion, came
Whew. We finally did it! After an exhaustive year-long effort, President Trump delivered a pro-growth tax cut package just in time for the holidays. I am excited both that the passage of this legislation will increase American competitiveness and also that, after today, I won’t need to write any tax-cut columns for a while (until we go bigger and bolder next go-around)! While not perfect, the Tax Cuts and Jobs Act achieves a laundry list of reforms that will facilitate President Trump’s ongoing streak of economic improvement. The bill provides much-needed relief for the overwhelming majority of American taxpayers and ensures that businesses