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Item#: C7552
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From "Reaganomics" pioneer Arthur Laffer: How to bring back American prosperity -- before we lose it for good
Return to Prosperity: How America Can Regain its Economic Superpower Status
by Arthur B. Laffer
Economist Arthur Laffer -- whose supply-side economic
theories are credited with helping President Ronald Reagan
pull the U.S. economy of our recession in the early 1980s
and launch a 25-year economic boom -- has a new plan for
restoring American to economic superpower status in 2010.
In Return to Prosperity, Laffer takes aim at the trillions
of dollars of debt and bailout funds the Democrat-
controlled Congress is spending with President Obama's
blessing. With the economy still struggling, unemployment
at a 25-year high, and the housing default crisis still
worsening, writes Laffer, a new paradigm shift is needed.
Return to Prosperity lays out a simple approach to robust
recovery and growth based on the common sense principles of
good economic behavior.
(continued from above)
Sound economic policy is not difficult, says Laffer --
in fact, much of it is pure common sense. Tax policies that
punish work, saving and investing create less work, saving
and investing. Monetary policies that devalue the dollar
create high inflation, high interest rates, and a weak
dollar. The list goes on. Regaining our economic prosperity
begins and ends with creating economic policies that
encourage growth. Throughout this book, he shows the many
areas where our current policies have strayed from the path
to prosperity -- and outlines the pro-growth prescriptions
that will put us back on the straight and narrow.
Laffer's prescription for America covers a wide range
of targets but begins here: All of the panicked decisions
that have been made since the start of the financial crisis
must be repealed -- the sooner the better. But beyond
fixing past mistakes, he argues, we need to implement
constructive reforms that strengthen each one of the four
grand macroeconomic kingdoms: fiscal policy, monetary
policy, trade policy, and incomes policy. These reforms
will establish the positive incentives necessary for
sustained economic prosperity for us and our children.
Among Arthur Laffer's prescriptions for America's
ailing economy:
- Why President Obama and Congress should eliminate the
Alternative Minimum Tax, and make all of President Bush's
tax cuts that are to expire in 2011 permanent
- Why what America needs most is a flat tax that imposes
the lowest possible tax rate on the broadest possible
base -- and how that would provide the least incentive
evade, avoid, or otherwise not report taxable income
- How the spending spree of 2008 and 2009 and the
subsequent economic collapse have worsened an already
insurmountable problem facing the U.S. -- the federal
government's massive unfunded liabilities
- How we can address the unfunded liabilities problem with
a combination of pro-growth policies to grow our economy
and sound budget changes
- Why all stimulus and bailout funds that not been spent
should immediately be impounded -- and any ownership
rights government has acquired in private companies
should be sold as quickly as possible
- Long-term structural changes that would prevent a
recurrence of our current spending crisis -- including
simple changes to Washington's tax-and-spend incentives
- Why the Federal Reserve should be put on an explicit
"price rule" -- and how that would help us regain a
stable dollar
- Why the U.S. must reaffirm its commitment to free trade,
take back the leadership of free trade talks, and live up
to the spirit and letter of all past agreements
- How the Obama administration's plans for a massively
expanded regulatory regime will undermine the economy --
and why the key to prosperity is to stop these burdensome
proposals, and repeal those that have passed
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