Chattanooga Welcomes Renowned Economist Arthur Laffer
Chattanooga was abuzz earlier this week as Arthur Laffer, the famed economist widely known for his association with supply-side economics, took to the stage at the University of Tennessee. With an audience of about 200 eager listeners, Laffer shared his insights and opinions on the past, present, and future of the U.S. economy.
Trump’s Economic Legacy
During his hour-long address, Laffer made a bold statement, declaring that former President Donald Trump‘s presidency was “the single best from the standpoint of economics in U.S. history.” This assertion likely raised some eyebrows, but Laffer backed up his claim with some solid reasoning. He highlighted the 2017 Tax Cuts and Jobs Act as a significant achievement during Trump’s term. According to Laffer, the federal government saw a rise in revenue that ultimately offset the cost of these tax cuts within the first two years.
Moreover, Laffer reminisced about how Trump’s administration reacted swiftly to the COVID-19 pandemic, notably in the creation of a vaccine within just 10 months—far quicker than most estimates had suggested at the time.
On Energy Independence and Deregulation
He also pointed to Trump’s efforts to deregulate energy production, which helped secure America’s status as energy independent. This, he emphasized, was a “big, big plus.” Furthermore, Laffer praised Trump’s Supreme Court appointments that aimed to limit the ability of regulatory bodies to make sweeping legislative changes without the approval of Congress.
The Mystery of Trump’s Second Term
When asked about what could happen during a potential second term for Trump, Laffer said, “I’m guessing he’ll do the same thing times 10.” It’s certainly a statement that leaves room for speculation—what could a second Trump presidency look like?
Thoughts on Kamala Harris
Shifting gears, Laffer addressed the upcoming presidential campaign and expressed that he is “not nearly as worried about Kamala Harris as other people are.” Laffer sees similarities between Harris and former President Bill Clinton, suggesting that Harris could be quite attuned to public sentiment about policies. “If the policies weren’t received well,” he articulated, “she’d be like Bill Clinton and change those policies.” His take seemed to put her in a different light compared to the often heated political rhetoric surrounding her candidacy.
Laffer described Harris as someone who “likes to be popular” and noted, “the last thing she wants is to be hated and despised and disliked.” With so much chatter about her potential presidency, it was refreshing to hear Laffer’s more tempered outlook.
A Glimpse at Trade Policies
Diving into trade, Laffer acknowledged Trump’s belief in free trade, pointing out that anyone who runs an international company generally sees the value in it. He applauded the United States-Mexico-Canada Agreement initiated during Trump’s presidency, calling it “a darn good trade agreement.” However, he also noted that recent statements from Trump about imposing high tariffs on foreign goods could raise questions about potential shifts in trade policy.
Tennessee’s Tax Landscape
Wrapping up his talk, Laffer couldn’t help but compliment Tennessee for having some of the lowest taxes in the nation. He pointed specifically to the phase-out of the Hall income tax, which many residents have celebrated as a significant victory for taxpayers.
Overall, Laffer provided an engaging and thought-provoking overview of his views on both major political figures and the broader economic landscape. Only time will tell how these predictions and thoughts will play out in the ever-evolving world of politics and economics.
