Former economic advisor to Ronald Reagan Art Laffer during an interview on Fox Business on Thursday said that he couldn’t be “more happy” with the outcome of the presidential election.
Because he believes that by the end of President Obama's second term, the GOP's "odds-on favorite" for 2016, Rep. Paul Ryan (R-Wisc.), will be able to campaign on (and implement) pro-growth, free market policies.
“I’m very, very hopeful about what’s going to happen,” he said to Fox’s Martha McCallum, “I think this was the election not to win.”
We have the 2013 “taxmageddon” [i.e. the so-called “fiscal cliff”] that I think is going to lead to a very sharp drop in economic activity. And looking at 2014, I’m very excited about how the elections will turn out there. And 2016, I think, will be the equivalent of 1980, and we’re going to have enormous prosperity in America.
I couldn’t be more happy and more optimistic than I am. This is Obama’s day. He won and the Democrats did pretty well and, frankly, it’s their game. It’s their game and it’s the only game in town. But I hope they go the Simpson-Bowlles -- flat-tax and spending restraint.
McCallum jumped in for a moment to clarify Laffer’s statement.
“You really think the president will go for real tax reform?” she asked.
“No, I don’t.”
“Or a sort of flat-tax provision?”
“Or that he will allow anything to pass that doesn’t include an increase in taxes for the wealthy?”
“I think he’s going to require increase in tax rates on the wealthy and that’s his downfall,” Laffer said, “and that just makes no sense whatsoever. The wealthy are the people who hire everyone else!”
“You can’t love jobs and hate job creators,” he added, “and [President Obama] hates jobs creators.”
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Front page photo source courtesy Laffer center.