{"id":82058,"date":"2019-06-20T08:18:39","date_gmt":"2019-06-20T15:18:39","guid":{"rendered":"http:\/\/69.46.6.243\/?p=82058"},"modified":"2019-06-20T08:18:39","modified_gmt":"2019-06-20T15:18:39","slug":"dr-arthur-laffer-receives-presidential-medal-of-freedom-for-his-work-on-economics-taxation","status":"publish","type":"post","link":"https:\/\/new.thepinetree.net\/?p=82058","title":{"rendered":"Dr. Arthur Laffer Receives Presidential Medal of Freedom for His Work on Economics &#038; Taxation"},"content":{"rendered":"<p>Washington, DC&#8230;.Well, this is a big day.\u00a0 Very important for a very important subject.\u00a0 Today it\u2019s my privilege to award our nation\u2019s highest civilian honor to the father of supply-side economics: Dr. Arthur Laffer.\u00a0 (Applause.)  I know Art has been to the Oval Office, unlike most people, many times.\u00a0 But this is a very special time for you.\u00a0 This is a tremendous award.\u00a0 You have the Congressional Medal of Honor on the military side, which, of course, is something incredibly special.\u00a0 And the presidential medal is \u2014 I just want to congratulate you.\u00a0 There\u2019s nothing like it, right?<\/p>\n<p><iframe loading=\"lazy\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/z4tfKbsFReI\" frameborder=\"0\" allow=\"accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/p>\n<p>DR. LAFFER:\u00a0 Nothing.<\/p>\n<p>THE PRESIDENT:\u00a0 Thank you very much, Art.<\/p>\n<p>Joining us for this momentous ceremony are Art\u2019s six children.\u00a0 Thank you very much.\u00a0 Congratulations.\u00a0 (Applause.)\u00a0 And we\u2019re also grateful to be joined by Vice President Mike Pence.\u00a0 We just got back from Florida.\u00a0 (Applause.)\u00a0 Had a big night.\u00a0 That was a big night in Orlando, Mike.\u00a0 Right?<\/p>\n<p>Secretary Steve Mnuchin, Alex Acosta, Elaine Chao, and Ben Carson, thank you very much for being here.\u00a0 And our top economic advisor and a great friend \u2014 of all of us, actually.\u00a0 I hear that voice and I just say \u201cmoney, money, money.\u201d\u00a0 Larry Kudlow.\u00a0 (Laughter.)\u00a0 Right?\u00a0 Larry.\u00a0 Thank you, Larry.<\/p>\n<p>MR. KUDLOW:\u00a0 Thank you, sir.<\/p>\n<p>THE PRESIDENT:\u00a0 Few people in history have revolutionized economic thought and policy like Dr. Art Laffer.<\/p>\n<p>He developed a brilliant theory, shaped unprecedented economic reforms, and helped turn a severe recession into a remarkable boom.\u00a0 He proved that the most powerful way to grow the economy and raise government revenue was not to increase tax rates but to adopt strong incentives that unleash the power of human freedom and innovate, create jobs, and deliver greater opportunity to all Americans.\u00a0 And he\u2019s proved it over and over again.<\/p>\n<p>A Yale graduate, Art went on to earn his PhD in Economics from Stanford University.\u00a0 He became the youngest-ever tenured professor at the University of Chicago.\u00a0 Oh, that\u2019s good.\u00a0 That wasn\u2019t too long, was it?\u00a0 (Laughter.)\u00a0 He\u2019s very deceiving.\u00a0 He\u2019s a little older than he looks.\u00a0 He looks like he\u2019s in his forties.\u00a0 (Laughter.)\u00a0 He\u2019s a little older than that.\u00a0 Just a little bit, right?<\/p>\n<p>DR. LAFFER:\u00a0 A lot.<\/p>\n<p>THE PRESIDENT:\u00a0 Don\u2019t talk about it.\u00a0 (Laughs.)<\/p>\n<p>In 1970, Art served as the very first chief economist at the Office of Management and Budget, where he designed an economic model that is still used today to forecast tax revenue and accurately predict economic growth.<\/p>\n<p>Art then returned to the University of Chicago.\u00a0 At the start of the Ford administration, our nation\u2019s economic situation was becoming dire indeed.\u00a0 We remember.<\/p>\n<p>In 1974 alone, 2 million Americans joined the unemployment lines, and inflation hit 11 percent.\u00a0 Right now, we have inflation at almost nothing.\u00a0 (Applause.)\u00a0 I like that better.\u00a0 Don\u2019t you?\u00a0 It\u2019s good to read this because we read this and we realize how well we\u2019re doing right now.<\/p>\n<p>The consensus in Washington, on both sides of the aisle, was that the government could tax, inflate, and regulate its way to prosperity.\u00a0 But Art had a different idea.\u00a0 Right?\u00a0 You did have a different idea.\u00a0 I\u2019d have you tell it.\u00a0 It would be much more interesting, huh?<\/p>\n<p>In 1974, Art came to dinner with the White House Chief Staff \u2014 Chief of Staff Don Rumsfeld; Deputy Chief of Staff Dick Cheney \u2014 who\u2019s been, by the way, a tremendous supporter, and we appreciate Dick very much; and Wall Street Journal reporter Jude Wanniski.<\/p>\n<p>The dinner has since become very, very legendary in many minds.\u00a0 Art drew on his napkin a series of lines and a curve that changed history.\u00a0 With the now famous \u201cLaffer Curve\u201d \u2014 still, a very, very highly respected economic curve \u2014 Art showed that if tax rates are too high, people stop spending and they stop investing.<\/p>\n<p>The result is less growth and lower tax revenues.\u00a0 On the other hand, at the certain point on the curve, lower tax rates spur investment, economic growth, and raise government revenue.<\/p>\n<p>I think Steve Forbes agrees with that.\u00a0 (Laughter.)\u00a0 Where\u2019s Steve?\u00a0 I\u2019ve heard you for a long time talking about that.\u00a0 Very much agree.<\/p>\n<p>Prominent academics called this theory \u201cinsanity,\u201d \u201ctotally wacky,\u201d and \u201ccompletely off the wall.\u201d<\/p>\n<p>With optimism, confidence, and exceptional intellect, Art would go on to prove them all wrong.\u00a0 He proved them wrong on a number of occasions.<\/p>\n<p>In 1978, California Governor Jerry Brown asked Art to help him implement Proposition 13, which the people had overwhelmingly enacted to dramatically reduce the state property tax.\u00a0 I think they could use it again out there, by the way.\u00a0 They should do that immediately.\u00a0 The results were so successful that job creation soon grew at twice the nationwide rate.\u00a0 Within two years, 43 states adopted similar reforms.<\/p>\n<p>During that same period, Art also advised Ronald Reagan, and helped shape his low-tax, pro-growth agenda.\u00a0 After President Reagan\u2019s election, Art served on the President\u2019s Economic Policy Advisory Board.\u00a0 He played a vital role in both the 1981 and 1986 tax rate cuts, which ultimately lowered the top marginal tax rate from 70 percent to 28 percent.\u00a0 That\u2019s not bad.\u00a0 That\u2019s a pretty big reduction, I would say.<\/p>\n<p>The Reagan economy soared, creating sustained economic growth, shrinking poverty, expanding incomes, and dramatically increasing federal revenue.\u00a0 Sounds very familiar.\u00a0 Sounds very, very familiar, actually.\u00a0 Our economy has never, ever been stronger than it is today.\u00a0 (Applause.)\u00a0 It\u2019s true.<\/p>\n<p>Dr. Laffer\u2019s policies not only expanded opportunity for our citizens; they spurred economic reforms around the world and helped lift untold millions out of poverty.\u00a0 Art has advised many world leaders, including former UK Prime Minister Margaret Thatcher \u2014 a great one.<\/p>\n<p>Staying true to the pro-growth vision that Dr. Laffer helped develop, in 2017, we passed historic tax cuts and reforms into law.\u00a0 Now, unemployment has reached its lowest level in over 51 years, with fast-growing wages, low inflation, and real GDP.\u00a0 And this is GDP growth that\u2019s higher than anybody ever thought possible.\u00a0 First quarter was 3.2.\u00a0 And everybody said the first quarter is not going to be so good because the first quarter is never very good for us.\u00a0 But it was not only good; it was double and even triple what people expected.\u00a0 And we\u2019re going to see some other very pleasant surprises, especially when the trade deals are all worked out.\u00a0 And they\u2019re coming along very well, Art, as you know.<\/p>\n<p>Our tax cuts and reforms also created Opportunity Zones in distressed communities, another idea that Dr. Laffer helped develop early in his career.<\/p>\n<p>In 1999, TIME magazine named Dr. Laffer one of the greatest minds of the 20th century.\u00a0 Former Wall Street Journal reporter Jude Wanniski wrote, \u201cIn studying public finance, there is nothing more important than an appreciation of the Laffer Curve.\u201d\u00a0 I\u2019ve heard and studied the Laffer Curve for many years in the Wharton School of Finance.\u00a0 It\u2019s a very important thing that you\u2019ve done, Art.\u00a0 Very important.<\/p>\n<p>Dr. Laffer helped inspire, guide, and implement extraordinary economic reforms that recognize the power of human freedom and ingenuity to grow our economy and lift families out of poverty and into a really bright future.<\/p>\n<p>Today, our nation is stronger, our people more prosperous, and the world a much better place because of the brilliance and boldness of Dr. Arthur Laffer.<\/p>\n<p>And it\u2019s now my profound honor to ask the military aide to come forward as I present Dr. Laffer with the Presidential Medal of Freedom.\u00a0 It\u2019s my great honor.\u00a0 Thank you.\u00a0 (Applause.)<\/p>\n<p>MILITARY AIDE:\u00a0 Arthur B. Laffer, the Father of Supply-Side Economics, is one of the most influential economists in American history.\u00a0 He is renowned for his economic theory, \u201cThe Laffer Curve,\u201d which establishes the strong incentive effects of lower tax rates that spur investment, production, jobs, wages, economic growth, and tax compliance.<\/p>\n<p>Among other accomplishments during his distinguished career, Dr. Laffer was the first chief economist of the Office of Management and Budget and a top economic advisor to President Ronald Reagan.<\/p>\n<p>The United States proudly recognizes Arthur B. Laffer for his public service and his contributions to economic policy, which have helped spur prosperity for our nation.<\/p>\n<p>(The Medal of Freedom is presented.)\u00a0 (Applause.)<\/p>\n<p>DR. LAFFER:\u00a0 Oh, my gosh.\u00a0 (Laughter.)\u00a0 When your staff said, \u201cKeep it short,\u201d I didn\u2019t know that\u2019s what they meant.\u00a0 (Laughter.)\u00a0 No, I\u2019m just joking.<\/p>\n<p>THE PRESIDENT:\u00a0 This is your day.<\/p>\n<p>DR. LAFFER:\u00a0 Thank you very much.<\/p>\n<p>Let me, if I can: Sincerity and brevity \u2014 or so they say \u2014 go hand in hand.\u00a0 And in that vein, Mr. President, I want to thank you from the top, the middle, and the bottom of my heart.\u00a0 Thank you.<\/p>\n<p>Good economic policy is a team effort.\u00a0 And goodness knows my fellow teammates are the best ever: Larry Kudlow, my friend forever and ever and ever.\u00a0 Steve Moore.\u00a0 Where are you, Steve?\u00a0 Steve Moore.\u00a0 Steve Forbes.\u00a0 Steve Forbes canceled his trip abroad to be here today.\u00a0 Is David Malpass here?\u00a0 Kevin Hassett.\u00a0 Team players, Steven Mnuchin, wherever \u2014 there you are.\u00a0 You\u2019re way back there.\u00a0 Steven.\u00a0 You don\u2019t get a better team than that, ever.\u00a0 I mean, this is the team of all teams.<\/p>\n<p>And I just want to reflect for a second on some of my past colleagues and working with other administrations.\u00a0 For example, in the past, my colleagues included Nobel Laureate and dear friend Bob Mundell; the legendary editorial page editor, Bob Bartley, of the Wall Street Journal; Jude Wanniski, the crazy, wild revolutionary for supply-side economics; Milton Friedman, of course; my godfather and dearest supporter, Justin Dart; George Schultz, my mentor who has hired me four times and not gotten tired of it yet, I guess; Jack Kemp, who we called, \u201cThe Weapon\u201d \u2014 he\u2019s delivered it; and my classmate at Yale, and my dear friend, a guy named Dick Cheney.\u00a0 It\u2019s just really wonderful to have \u2014 each of whom deserves a lot of praise.<\/p>\n<p>By the way, just for the record, Bob Bartley, Milton Friedman, Justin Dart, George Schultz, Jack Kemp, and Dick Cheney all received the President Medal of Freedom.\u00a0 Isn\u2019t that amazing?\u00a0 I\u2019m in great, great company, let me tell you.\u00a0 I\u2019m awed by that.<br \/>\nBut to get over the \u2014 to get the ball over the \u2014 to get the ball over the goal line, committed leadership is the\u00a0<em>sine qua non<\/em>\u00a0for this.\u00a0 And we had President Kennedy, President Reagan, Prime Minister Margaret Thatcher, and of course, you, Mr. President, Donald Trump, to really make it all happen.\u00a0 Without the leaders \u2014 (applause) \u2014 and all I can say is, wow.<\/p>\n<p>I mean, you know, President Kennedy established the current Presidential Medal of Freedom, and both President Reagan and Margaret Thatcher were recipients.<\/p>\n<p>My business partner is here.\u00a0 My business partner\u2019s friends and fellow dreamcatchers \u2014 a number of whom are here today, by the way \u2014 have allowed all of this to happen for me, and I am eternally grateful.\u00a0 They are the salt of the Earth.\u00a0 And, in fact, they actually lived the lives that we economists just talk about.\u00a0 They actually do it.\u00a0 And it is for them that we do what we do.\u00a0 They have kept, do keep, and will keep America prosperous.<\/p>\n<p>And my final shout-out, if I may, is to my family \u2014 my wonderful family.\u00a0 All six of my children are here today, as well as Mike Madzin and Mike Stabile.\u00a0 I\u2019m missing my 13 grandchildren and my 4 great-grandchildren, for which I am sure the White House staff is eternally grateful.\u00a0 (Laughter.)<\/p>\n<p>My family makes me very, very proud and gives me a reason every morning to get up and get to work.\u00a0 Thank you.\u00a0 (Applause.)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Washington, DC&#8230;.Well, this is a big day.\u00a0 Very important for a very important subject.\u00a0 Today it\u2019s my privilege to award our nation\u2019s highest civilian honor to the father of supply-side economics: Dr. Arthur Laffer.\u00a0 (Applause.) I know Art has been to the Oval Office, unlike most people, many times.\u00a0 But this is a very special [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":82059,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_cbd_carousel_blocks":"[]","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,20,5,1],"tags":[],"class_list":["post-82058","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-featured","category-government","category-news","last_archivepost"],"jetpack_featured_media_url":"https:\/\/new.thepinetree.net\/wp-content\/uploads\/2019\/06\/Fullscreen-capture-6202019-81425-AM.jpg","jetpack_sharing_enabled":true,"jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/posts\/82058","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=82058"}],"version-history":[{"count":0,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/posts\/82058\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/media\/82059"}],"wp:attachment":[{"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=82058"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=82058"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=82058"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}