Arthur Laffer, the economist who was President Reagan’s chief economic policy advisor, and who is considered the “godfather” of supply-side economics, has endorsed Herman Cain’s 9-9-9 plan- nine percent tax on income, a nine percent national sales tax, and a nine percent corporate income tax, as being “a vast improvement over the current tax system and a boon to the U.S. economy”.

Remember what happened when President Reagan implemented Laffer’s supply-side ideas in the early 80’s after four years of Jimmah Carter and the dimocrats screwing up our economy, which was so bad that we actually had a “misery index” of double digit unemployment, interest rates, and inflation?

We had the greatest economic growth in world history after income and corporate taxes were slashed across the board. Over 20 million good jobs were created in only a few years that finally got us out of the economic “malaise”, as Carter himself called it, which was caused by his idiotic fiscal and economic policies.

Kinda reminds me of the current idiot occupying the White House, although as bad as Carter was, at least he didn’t hate America, and purposely try to destroy the U.S. economy, like Obungler and the dimocrats are doing today.

Godfather of Supply-Side Economics Supports Cain’s ‘9-9-9’ Plan
By Tony Lee

The Godfather of supply-side economics, Arthur Laffer, has given Herman Cain​’s signature “9-9-9” economic plan a critical boost, even as it has come under heavy fire from his GOP presidential competitors

The famed economist told HUMAN EVENTS that the proposal was pro-growth and would create the proper conditions for America’s economy to expand and thrive again.

“Herman Cain’s 9-9-9 plan would be a vast improvement over the current tax system and a boon to the U.S. economy,” Laffer told HUMAN EVENTS in a statement. “The goal of supply-side tax reform is always a broadening of the tax base and lowering of marginal tax rates.”

Added Laffer: “Mr. Cain’s plan is simple, transparent, neutral with respect to capital and labor, and savings and consumption, and also greatly decreases the hidden costs of tax compliance. There is no doubt that economic growth would surge upon implementation of 9-9-9.”

Laffer also said that “such a system provides the least avenues to avoid paying taxes, yet also maintains the strongest incentives for work effort, production, and investment.”

At the GOP presidential debate in New Hampshire on Tuesday, Cain’s plan received criticism from many of the candidates on stage. Click here to read the rest.

Tags: Herman Cain, Ronald Reagan

This entry was posted on Monday, October 17th, 2011 at 2:00 pm and is filed under Business, Economy, Elections 2012, History, Misery Index, Politics, unemployment. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.