By Arthur Laffer
Arthur Laffer joins economist Stephen Moore of The Wall Street Journal editorial board and investment adviser Peter J. Tanous to send Americans an urgent message: We risk losing the exceptional standard of living that has made us the envy of the rest of the world if the pro-growth policies of the last 25 years are reversed by a new president. Arthur Laffer is the father of supply-side economics and a member of President Reagan's Economic Policy Advisory Board.
The term ÌÎÌ_ÌÎ_ÌÎÌ_Ì´å«supply-side economicsÌÎÌ_ÌÎ_ÌÎÌ_ÌÎå´ holds that if taxes on corporations are lowered, then the government can motivate people to invest in industries. This will lower prices and control inflation. Also, this system helps improve education to make workers more productive and encourages people to work harder. This reduces the welfare state as well.
When Reagan implemented this system of economics, he started what would become a 25-year-long surge in prosperity, boosting the U.S. back to the worldÌÎÌ_ÌÎ_ÌÎå«Ì´åÇs economic superpower. Since the early 1980s, the United States has experienced a wave of prosperity almost unprecedented in history in terms of wealth creation, new jobs and improved living standards for all.
Under the leadership of Presidents Ronald Reagan and Bill Clinton, Americans changed the incentive structure on taxes, inflation and regulation, and as a result the economy roared back to life after the anti-growth, high-inflation 1970s.
Now the rest of the world is following the American economic growth model of lower tax rates, more economic freedom and sound money. As hundreds of millions of impoverished people move up to the middle class, they prove that market capitalism is the ÌÎÌ_ÌÎ_ÌÎÌ_Ì´å«greatest anti-poverty system ever devised by man.ÌÎÌ_ÌÎ_ÌÎÌ_ÌÎå´ Paradoxically, one country is moving away from these growth policies and putting its prosperity at risk ÌÎÌ_ÌÎ_ÌÎå«Ì´å America.
This book provides a much-needed warning against the bad policies that will produce a bad economy. It establishes and explains why free-market capitalism is the best way to achieve prosperity.
Laffer, Moore and Tanous provide the factual information every American needs in order to understand exactly how we achieved the prosperity many people have come to take for granted. They explain how the policies of Democrats Barack Obama, Hillary Clinton and Nancy Pelosi can cause America to lose its status as the world's growth and job creation machine.
"The End of Prosperity" is essential reading for all Americans who value their nation's free enterprise system and high standard of living, and want to know how to protect their own investments in the coming storm.
ÌÎÌ_Ì´åÇÌÎå«Ì´ÌàHardcover: 352 pages
ÌÎÌ_Ì´åÇÌÎå«Ì´ÌàPublisher: Threshold Editions (October 2008)
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