President Reagan, Nancy Reagan, Tom Selleck, Dudley Moore, Lucille Ball at a Tribute to Bob Hope’s 80th birthday at the Kennedy Center. 5/20/83.
Dan Mitchell is very good at giving speeches and making it very simple to understand economic policy and how it affects a nation. Mitchell also talks about slowing the growth of government and he gives credit to Clinton and Reagan.
Probably my favorite subject that Dan has covered is the Laffer Curve. I got a chance to hear Arthur Laffer speak at Memphis St University in 1981 and Laffer actually predicted what would happen in the next 7 years because of the Reagan Tax Cuts and all of his predictions came true. What did we learn from the Laffer Curve in the 1980′s? Lowering top tax rate from 70% to 28% from 1980 to 1988 and those earning over $200,000 paid 99 billion in taxes instead of 19 billion!!!! The funny thing is that the world saw what we did and followed along. The drop of the industrialized countries during this same time was 26% (from 68% to 42% on average). It reminded me of Milton Friedman 1980 book “Free to Choose” and his answer to the 11% inflation that President Carter was dealing with in 1980. Reagan put Friedman’s solution into action and 5 years later inflation was under control.
Below is a fine article and video from Dan Mitchell.
(R Row, from front to rear) Milton Friedman, George Shultz, Pres. Ronald Reagan, Arthur Burns, William Simon and Walter Wriston & unknown at a meeting of White House economic
June 5, 2013 by Dan Mitchell