Right now is as good a time as any to revisit my old friend Art Laffer’s four prosperity killers. You can put a check mark next to each one.
1. Rising tax rates
2. Inflationary money
3. Trade protectionism
4. Government control/re-regulation
And while we’re on the subject, make sure to check out Art's terrific op-ed in today’s Wall Street Journal.
He argues that while Fed policy was undoubtedly important, it was ultimately tariffs, rising taxes, and currency devaluation which ruined the 1930s. According to Art, we face the same dangers today.
He’s dead right.