The Red and Black

Issue date: 2/15/07 Section: News

Media Credit: JENNA FINDLAN Arthur Laffer, a former advisor to President Ronald Reagan, lectures at the University Chapel Wednesday. Laffer spoke about each presidential administration and the roles tax cuts played in their respective economies.

With a name like Arthur Laffer, you are bound to have a sense of humor.

Laffer, a famous economist and former adviser to President Ronald Reagan, gave a lecture about "The Condition of Our Nation Since 1980."

In the lecture, sponsored by the Economics Department and the Ramsey Center for Private Enterprise, Laffer spoke to a full crowd of students and faculty members at the University Chapel Wednesday afternoon.

Laffer began by asking, "Can I have a little fun with you today?" and continued to joke throughout the lecture.

Laffer spoke about each presidential administration and the roles tax cuts played in their respective economies, and he said those administrations in which taxes were cut were more beneficial to the American economy.

Laffer said he appreciated politicians from both political parties who reduced taxes.

He spoke about the economic conditions during the time of President John F. Kennedy, who Laffer said ran for office promising to cut taxes and increase defense spending.

There was a "bull market of ungodly proportions," Laffer said.

After discussing the Kennedy administration, Laffer mentioned the "Four Stooges."

These men were the four presidents who followed Kennedy, and under whose administrations Americans experienced the "largest assemblance of bipartisan ignorance," Laffer said.

"Then the skies opened," he said. "And we got Ronnie."

Laffer talked about his time with the Ronald Reagan administration, speaking favorably about Reagan's economic policies. He said two of the administration's early successes included decreasing union activity and decontrolling the oil industry.

Joking about President George H.W. Bush's "Read my lips: no new taxes" claim, Laffer said: "I couldn't see his lips, because his nose was growing so fast."

Laffer also discussed the implications of the economic policies of Presidents Clinton and Bush.

"Productivity is unbelievable," he said. "The tax rates on capital are the lowest they have been in my lifetime."

He ended his speech with hope for the future.

"The best is yet to come," he said.

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