PJ Media
David P. Goldman
Aug. 24, 2018
God bless Arthur B. Laffer, the author of the eponymous curve. If statesmen are hedgehogs (with one big idea) or foxes (with many little ideas), Art is the mayor of Hedgehog City. His big idea is that lower taxes give you more economic growth. Along with my former business partner Jude Wanniski, Wall Street Journal editor Robert Bartley, and a handful of other economists and publicists, Art sold the idea of dramatic tax cuts to Ronald Reagan and thus stood midwife to the greatest US economic boom of the past century. All of them were the intellectual children of the great Robert Mundell, but that’s another story. Years ago I had the honor to write the occasional paper for Art's consulting service. He's an American treasure.
Art had one magnificent idea. I took his economic service when I ran research groups at Credit Suisse and Bank of America, and he stopped by once a year for a talk. In 2001 he stopped by at Credit Suisse. American manufacturing jobs were disappearing and America’s trade deficit was exploding, but Art wasn’t fazed. Americans shouldn’t manufacture anything, Art averred: We would do the design, like Apple, and foreigners would dirty their hands making the actual goods.
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https://pjmedia.com/spengler/art-laffers-chinese-curve-ball/Goldman may be missing that Trump's focus is on revitalizing the U.S. economy and not on trashing the Chinese economy.