Has America Seen the End of Prosperity?

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Economist and best-selling author Arthur Laffer appeared on the April 12 edition of The 700 Club with Dr. Pat Robertson to discuss his prescription for putting the country back on the road to prosperity. Read below or click play to watch his interview.

Estimates show that America faces a record $1.6 trillion deficit and unemployment rates at a 25-year high.

For everyday Americans, it's easy to lose hope. But has America seen the end of it's prosperity?

Arthur Laffer, former economic advisor to President Ronald Reagan, doesn't think so. Rather, he insists that recent administrations have failed to grasp what he calls "Economics 101."

While former President George W. Bush and President Obama may not appear to have much in common, Laffer says they share a fundamentally wrong view on economic policy and have given into fear in attempts to counter-balance the failing economy.

Hasty decisions and bad political policy have led the country further into debt and ultimately to "the end of prosperity" - the topic of Laffer's 2008 best-selling book.

Now, the leader of the 1980's tax-cutting movement has returned with a follow up book, "Return to Prosperity."

He, along with co-author Stephen Moore, show how America can regain its economic superpower status. Laffer says knee-jerk spending packages, price and wage controls, and government over-regulation suffocate the economy.

His prescription?

  • Cut government fat
  • Reduce debt 
  • Encourage retirement savings 
  • Revive the investor class.

Bottom line, he says, is "we can't tax and spend our way back to the good times."

In his book, Laffer offers practical economic theories to back a plan that would return America back to its super-power status. It's a plan he insists is vital to all Americans.

*Originally published April 12, 2010.

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