By White House Staff and Arthur B. Laffer, Ph.D.
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America is deep in economic depression. A different president is in office. What must be done to rebuild the nation? President Ronald Reagan arrived to an economic situation strikingly similar to that which faces President Barack Obama.
How does a presidential administration go beyond simply reacting to economic crisis and actively shape AmericaÌÎÌ_ÌÎ_ÌÎÌ__ÌÎÌ_ÌÎ__ÌÎÌ_ÌÎ_ÌÎå«Ì´ÌàÌÎÌ_Ì´åÇÌÎå«ÌÎÌÊs political agenda?
America has had numerous economic crises ÌÎÌ_ÌÎ_ÌÎÌ__ÌÎÌ_ÌÎ__ÌÎÌ_ÌÎ_ÌÎå«Ì´ÌàÌÎÌ_Ì´åÇÌÎå«Ì´å each crisis with innumerable venues for change. Ronald Reagan came into office facing the same economic downturn as we are now seeing. Right away Reagan charged his staff to find him answers so he could stop it.
The White House staff understood that time could not be wasted, but the wrong plan could send the economy in a relentless downward spiral with Congress grasping for ill-conceived bailout plans. Members of the White House staff David Gergen and Richard Wirthlin presented a plan: They saw that the American citizens had to have Reagan's plan laid out for them ÌÎÌ_ÌÎ_ÌÎÌ__ÌÎÌ_ÌÎ__ÌÎÌ_ÌÎ_ÌÎå«Ì´ÌàÌÎÌ_Ì´åÇÌÎå«Ì´å that once the people understood what it could achieve, they would demand Congress enact it.
In the face of economic downturn, President Ronald Reagan created a five-page action plan allowing the White House to lead by actions, not by reaction. The administration planned to restructure the political agenda; therefore, the action plan was wisely presented to the public.
In ÌÎÌ_ÌÎ_ÌÎÌ__ÌÎÌ_ÌÎ__ÌÎÌ_ÌÎ_ÌÎÌ__ÌÎÌ_Ì´åÇÌÎå«Ì´ÌàPresident Ronald ReaganÌÎÌ_ÌÎ_ÌÎÌ__ÌÎÌ_ÌÎ__ÌÎÌ_ÌÎ_ÌÎå«Ì´ÌàÌÎÌ_Ì´åÇÌÎå«ÌÎÌÊs Initial Actions Project,ÌÎÌ_ÌÎ_ÌÎÌ__ÌÎÌ_ÌÎ__ÌÎÌ_ÌÎ_ÌÎÌ__ÌÎÌ_ÌÎ_ÌÎå«Ì´åÇ Arthur B. Laffer, who also worked in the Reagan White House, provides a special introduction putting the Initial Action Project into perspective.
Because of the ÌÎÌ_ÌÎ_ÌÎÌ__ÌÎÌ_ÌÎ__ÌÎÌ_ÌÎ_ÌÎÌ__ÌÎÌ_Ì´åÇÌÎå«Ì´Ìàuncanny similaritiesÌÎÌ_ÌÎ_ÌÎÌ__ÌÎÌ_ÌÎ__ÌÎÌ_ÌÎ_ÌÎÌ__ÌÎÌ_ÌÎ_ÌÎå«Ì´åÇ between 1981 when Reagan was elected and early 2009, this is a report worth studying if you want to compare the styles and policies of Reagan with those of Barack Obama.
Laffer takes the reader through a brief history of the American economy, showing why the economy determines the success or failure of an entire society. In a brief discourse on fiscal, monetary, trade and income policy, he explains how they were employed in the United States and highlights the results that accompanied them.
He gives a detailed account of the IAP, the blueprint for what is now called ÌÎÌ_ÌÎ_ÌÎÌ__ÌÎÌ_ÌÎ__ÌÎÌ_ÌÎ_ÌÎÌ__ÌÎÌ_Ì´åÇÌÎå«Ì´ÌàReaganomics.ÌÎÌ_ÌÎ_ÌÎÌ__ÌÎÌ_ÌÎ__ÌÎÌ_ÌÎ_ÌÎÌ__ÌÎÌ_ÌÎ_ÌÎå«Ì´åÇ This report examines the reasons for ReaganÌÎÌ_ÌÎ_ÌÎÌ__ÌÎÌ_ÌÎ__ÌÎÌ_ÌÎ_ÌÎå«Ì´ÌàÌÎÌ_Ì´åÇÌÎå«ÌÎÌÊs victory, shows his ability to lead the country and applies these abilities to his desired outcomes. This report also referenced first months of past presidential terms before laying out a plan for economic recovery.
In this incomparable book, Laffer documents the strategies of the Reagan administration, capturing succinctly the role of the president and the strategy that should be employed in the current economic situation.
About the Author
Arthur B. Laffer, Ph.D., is the founder and chairman of Laffer Associates, an economic research and consulting firm. A member of President Reagan's Economic Policy Advisory Board for both of his terms, he invented the Laffer Curve and triggered a world-wide tax-cutting movement in the 1980s. Dr. Laffer received a B.A. in economics from Yale University and received an MBA and Ph.D. in economics from Stanford University.
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