Dr. Arthur Laffer says $5 trillion in net tax cuts do not exist in Romney plan as President claims in debate
NEW YORK, Oct. 10, 2012 /PRNewswire-USNewswire/ -- In the first in a series of new online videos, noted free market economist Dr. Arthur Laffer takes President Obama back to math class over his continuing claim that Gov. Romney's economic plan calls for "a $5 trillion tax cut."
"In my view, it is not correct," Laffer says in the video segment released today by Job Creators Solutions, a group created to empower the private sector and educate the electorate on free market policies that encourage job creation. "What Romney has said very clearly is that there will be no net tax cut, period."
To watch the Laff Track$ video, please visit the Job Creators Solutions YouTube page.
Yet, in the first presidential debate on October 3 President Obama repeatedly said "Gov. Romney's central economic plan calls for a $5 trillion tax cut."
Laffer, the first Chief Economist at the federal Office of Management and Budget and two-term economic advisor during the Reagan administration, details in the video how President Obama misses the mark by repeatedly professing this $5 trillion assumption as a statement of fact.
Job Creators Solutions has released the Laff Track$ video series featuring Laffer to further thoughtful, fact-based debate around principals that long-term prosperity in America requires. Job Creators Solutions believes America needs a strong economic plan. The organization's position is clear: to cut the deficit, the nation must either raise taxes, and somebody loses, decrease spending, and somebody loses, or grow the economy and create more jobs all Americans win.
Laffer, the "Father of Supply-Side Economics" and creator of the Laffer Curve, says in the video that the Romney economic plan, in addition to tax cuts, includes revisions to the current federal tax code that would broaden the tax base and eliminate numerous exclusions, deductions and exemptions and offset federal tax cuts. This calculation is omitted in the President's math, Laffer says.
"Appropriate tax cuts will spur the American economy forward from its current economic malaise and high unemployment," Laffer says. The distinguished economist explains:
"Taxes make an action less attractive," Laffer says. "People respond to incentives.
"If you tax people who work and you pay people who don't work, don't be surprised if you find a lot of people not working. That's pretty common sense."
About Dr. Arthur Laffer
Dr. Laffer is widely known as "The Father of Supply-Side Economics" for his economic acumen and influence in triggering a worldwide tax-cutting movement in the 1980s.
His career is one of many achievements in business, public policy and academics. Today, his creation, the Laffer Curve, is one of the main theoretical constructs of supply-side economics.
Dr. Laffer, founder and chairman of the economic consulting firm Laffer Associates, was the first to hold the title of Chief Economist at the Office of Management and Budget and was a member of President Reagan's Economic Policy Advisory Board for both of his two terms.
Dr. Laffer is the author of a number of books and has held several prominent academic posts, including as a one-time Distinguished University Professor at Pepperdine University and the Charles B. Thornton Professor of Business Economics at the University of Southern California.
Dr. Laffer currently sits on the board of directors at several public and private companies. He received his BA from Yale University and his MBA and Ph.D. from Stanford University, all in economics.
About Job Creators Solutions
Job Creators Solutions seeks to be a voice for free enterprise. Founded by renowned businessmen Bernie Marcus and Herman Cain, Job Creators Solutions assists employers in educating employees about policy issues and candidate positions affecting their company, job security, wages and benefits, and their families. For more information, view: www.jobcreatorssolutions.com
SOURCE Job Creators Solutions