What Happens with the National Debt
The Political Orphanage
00:00
The Laffer Curve
Reagan administration ran up a considerable deficit and debt, the largest since World War II. To balance a budget, spending has to be less than revenue; there are only three ways to achieve this. Art Laffer: If you set tax rates at 100%, nobody works because there's no benefit whatsoever. A creative tax cut will create more jobs than income,. And eventually, more revenue. The right time for that kind of bill is January 1963.
Transcript
Play full episode
