Art Laffer is the economist behind what became known as “Reaganomics” — a series of tax cuts and economic policies that led to the boom days of the 1980s.
However, at 81, he still remembers the “stagflation” that Jimmy Carter’s administration produced in the late 1970s, before the Republicans took back the White House. He knows grim economic times when he sees them. And, in a speech Wednesday, he called Democratic claims that inflation numbers are about to improve “nonsense.”
According to National Review, in remarks at the Young America’s Foundation’s National Conservative Student Conference in Washington, D.C., Laffer said there was no way President Joe Biden’s administration would avoid double-digit inflation numbers before the midterms.
And yet, he saw a silver lining to it all.
(Here at The Western Journal, we’ve chronicled how the Biden administration’s free spending and problematic energy policies have led to record inflation numbers — and how they’re unlikely to be reversed anytime soon. We’ll keep bringing America the truth. You can help us by subscribing.)
Laffer’s remarks came one day before the GDP numbers for the second quarter of 2022 were set to be released. The Biden administration has already drawn derision for trying to redefine what a recession is — two quarters of negative GDP growth — because the first quarter was negative and the second quarter is likely to be, too.
The famed economist, however, said it wasn’t even necessary to look at the second-quarter numbers to realize what was up with the economy.
“We are already in the middle of a recession here in the U.S.,” Laffer said, noting that there were half-a-million fewer people employed now than there were in February of 2020, the last month before COVID-19 lockdowns.
Laffer went on to say this was “one of the worst-performing economies I have ever seen.”
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