馃攳
President Trump Presents the Presidential Medal of Freedom to Arthur Laffer - YouTube
Channel: unknown
[0]
The President: Well,
this is a big day.
[1]
Very important for
a very important subject.
[5]
Today it's my privilege
to award our nation's
[8]
highest civilian honor
[10]
to the father of supply-side
economics: Dr. Arthur Laffer.
[18]
(applause)
[24]
I know Art has been
to the Oval Office,
[26]
unlike most people, many times.
[29]
But this is a very
special time for you.
[31]
This is a tremendous award.
[34]
You have the Congressional
Medal of Honor
[35]
on the military side,
[37]
which, of course,
is something incredibly special.
[40]
And the presidential medal is
I just want to congratulate you.
[44]
There's nothing like it, right?
[46]
Dr. Laffer: Nothing.
[47]
The President: Thank you
very much, Art.
[49]
Joining us for this momentous
ceremony are Art's six children.
[53]
Thank you very much.
Congratulations.
[56]
(applause)
[60]
And we're also grateful
to be joined
[62]
by Vice President Mike Pence.
We just got back from Florida.
[65]
(applause)
[66]
Had a big night.
[68]
That was a big night
in Orlando, Mike.
[70]
Right?
[71]
Secretary Steve Mnuchin,
[73]
Alex Acosta, Elaine Chao,
and Ben Carson,
[76]
thank you very much
for being here.
[78]
And our top economic advisor
and a great friend
[81]
of all of us, actually.
I hear that voice and I just say
[84]
"money, money, money.
"Larry Kudlow.
[85]
(laughter)
[86]
Right? Larry. Thank you, Larry.
[92]
Mr. Kudlow: Thank you, sir.
[93]
The President: Few people
in history have revolutionized
[95]
economic thought and policy
like Dr. Art Laffer.
[101]
He developed a brilliant theory,
[103]
shaped unprecedented
economic reforms,
[106]
and helped turn
a severe recession
[108]
into a remarkable boom.
[110]
He proved that
the most powerful way
[112]
to grow the economy
and raise government revenue
[114]
was not to increase tax rates
but to adopt strong incentives
[119]
that unleash the power
of human freedom
[121]
and innovate,
create jobs,
[123]
and deliver greater opportunity
to all Americans.
[126]
And he's proved it over
and over again.
[129]
A Yale graduate, Art went on
to earn his PhD in Economics
[133]
from Stanford University.
[135]
He became the youngest-ever
tenured professor
[138]
at the University of Chicago.
[140]
Oh, that's good.
That wasn't too long, was it?
[142]
(laughter)
[144]
He's very deceiving.
[145]
He's a little older
than he looks.
[146]
He looks like
he's in his forties.
[148]
(laughter)
[149]
He's a little older than that.
Just a little bit, right?
[151]
Dr. Laffer: A lot.
[153]
The President: Don't talk
about it (laughs).
[154]
In 1970, Art served as the very
first chief economist
[159]
at the Office of Management
and Budget,
[161]
where he designed
an economic model
[163]
that is still used today
to forecast tax revenue
[166]
and accurately predict
economic growth.
[170]
Art then returned
to the University of Chicago.
[172]
At the start of
the Ford administration,
[175]
our nation's economic situation
was becoming dire indeed.
[179]
We remember.
[180]
In 1974 alone,
2 million Americans
[184]
joined the unemployment lines,
and inflation hit 11 percent.
[189]
Right now, we have inflation
at almost nothing.
[192]
(applause)
[193]
I like that better.
[194]
Don't you?It's good to read this
because we read this
[200]
and we realize how well
we're doing right now.
[204]
The consensus in Washington,
on both sides of the aisle,
[207]
was that the government
could tax, inflate,
[210]
and regulate
its way to prosperity.
[212]
But Art had a
different idea. Right?
[216]
You did have a different idea.
I'd have you tell it.
[218]
It would be much
more interesting, huh?
[220]
In 1974, Art came to dinner with
the White House Chief Staff --
[226]
Chief of Staff Don Rumsfeld;
Deputy
[230]
Chief of Staff Dick Cheney
-- who's been, by the way,
[234]
a tremendous supporter,
and we appreciate
[236]
Dick very much; and Wall Street
Journal reporter Jude Wanniski.
[241]
The dinner has since become
[243]
very, very legendary
in many minds.
[246]
Art drew on his napkin
a series of lines
[249]
and a curve
that changed history.
[252]
With the now famous
"Laffer Curve" --
[255]
still, a very, very highly
respected economic curve --
[259]
Art showed that if tax rates
are too high,
[262]
people stop spending
and they stop investing.
[266]
The result is less growth
and lower tax revenues.
[269]
On the other hand,
[270]
at the certain point
on the curve, lower tax rates
[273]
spur investment,
economic growth,
[276]
and raise government revenue.
[278]
I think Steve Forbes
agrees with that.
[279]
(laughter)
[281]
Where's Steve? I've heard you
for a long time
[283]
talking about that.
Very much agree.
[286]
Prominent academics
called this theory "insanity,"
[290]
"totally wacky,"
and "completely off the wall."
[294]
With optimism, confidence,
and exceptional intellect,
[299]
Art would go on
to prove them all wrong.
[301]
He proved them wrong
on a number of occasions.
[304]
In 1978, California Governor
Jerry Brown asked Art
[308]
to help him implement
Proposition 13,
[311]
which the people
had overwhelmingly
[313]
enacted to dramatically reduce
the state property tax.
[317]
I think they could use it again
out there, by the way.
[320]
They should do that immediately.
[322]
The results were so successful
that job creation
[326]
soon grew at twice
the nationwide rate.
[328]
Within two years, 43
states adopted similar reforms.
[333]
During that same period,
Art also advised
[336]
Ronald Reagan, and helped shape
his low-tax, pro-growth agenda.
[342]
After President
Reagan's election,
[344]
Art served on the President's
Economic Policy Advisory Board.
[348]
He played a vital role in both
the 1981 and 1986 tax rate cuts,
[354]
which ultimately lowered
the top marginal tax rate
[358]
from 70 percent to 28 percent.
[360]
That's not bad. That's a pretty
big reduction, I would say.
[364]
The Reagan economy soared,
[366]
creating sustained
economic growth,
[368]
shrinking poverty,
expanding incomes,
[370]
and dramatically
increasing federal revenue.
[373]
Sounds very familiar.
[375]
Sounds very, very familiar,
actually.
[378]
Our economy has never, ever been
stronger than it is today.
[381]
(applause)
[382]
It's true.
[388]
Dr. Laffer's policies
[389]
not only expanded opportunity
for our citizens;
[392]
they spurred economic reforms
around the world
[395]
and helped lift untold
millions out of poverty.
[399]
Art has advised
many world leaders,
[401]
including former UK Prime
Minister Margaret Thatcher
[404]
-- a great one.
[406]
Staying true to the pro-growth
vision
[408]
that Dr. Laffer
helped develop, in 2017,
[411]
we passed historic tax cuts
and reforms into law.
[415]
Now, unemployment has reached
its lowest level
[418]
in over 51 years,
[420]
with fast-growing wages,
low inflation, and real GDP.
[425]
And this is GDP growth
[427]
that's higher than anybody
ever thought possible.
[430]
First quarter was 3. 2.
[432]
And everybody said
the first quarter
[434]
is not going to be so good
[436]
because the first quarter
is never very good for us.
[438]
But it was not only good;
[440]
it was double and even triple
what people expected.
[444]
And we're going to see some
other very pleasant surprises,
[446]
especially when the trade deals
are all worked out.
[448]
And they're coming along
very well, Art, as you know.
[452]
Our tax cuts and reforms
also created
[454]
Opportunity Zones
in distressed communities,
[457]
another idea that Dr. Laffer
helped develop
[460]
early in his career.
[462]
In 1999, TIME magazine
named Dr. Laffer
[465]
one of the greatest minds
of the 20th century.
[468]
Former Wall Street Journal
reporter Jude Wanniski wrote,
[472]
"In studying public finance,
there is nothing more important
[476]
than an appreciation
of the Laffer Curve."
[480]
I've heard and studied
the Laffer Curve
[483]
for many years in the
Wharton School of Finance.
[486]
It's a very important thing
that you've done, Art.
[490]
Very important.
[491]
Dr. Laffer helped inspire,
guide,
[493]
and implement
extraordinary economic reforms
[496]
that recognize the power
of human freedom and ingenuity
[500]
to grow our economy
and lift families out of poverty
[504]
and into a really
bright future.
[507]
Today, our nation is stronger,
our people more prosperous,
[511]
and the world
a much better place
[514]
because of the brilliance and
boldness of Dr. Arthur Laffer.
[520]
And it's now my profound honor
to ask the military aide
[523]
to come forward
as I present Dr. Laffer
[527]
with the Presidential Medal
of Freedom.
[530]
It's my great honor.
[541]
Thank you.
[546]
(applause)
[549]
Military Aide: Arthur B.
[550]
Laffer, the Father
of Supply-Side Economics,
[553]
is one of the most influential
economists in American history.
[556]
He is renowned for his economic
theory, "The Laffer Curve,"
[559]
which establishes the strong
incentive effects
[562]
of lower tax rates
[563]
that spur investment,
production,
[565]
jobs, wages, economic growth,
and tax compliance.
[569]
Among other accomplishments
during his distinguished career,
[572]
Dr. Laffer was
the first chief economist
[575]
of the Office of Management
and Budget
[577]
and a top economic advisor
to President Ronald Reagan.
[580]
The United States
proudly recognizes Arthur B.
[582]
Laffer for his public service
[584]
and his contributions
to economic policy,
[587]
which have helped spur
prosperity for our nation.
[591]
(The Medal of Freedom is presented)
[615]
(applause)
[639]
Dr. Laffer: Oh, my gosh.
[645]
(laughter)
[647]
When your staff said,
"Keep it short,"
[649]
I didn't know
that's what they meant.
[650]
(laughter)
[652]
No, I'm just joking.
[653]
The President: This
is your day.
[654]
Dr. Laffer: Thank you
very much.
[659]
Let me, if I can: Sincerity
and brevity --
[661]
or so they say
-- go hand in hand.
[663]
And in that vein, Mr. President,
[666]
I want to thank you
from the top, the middle,
[669]
and the bottom of my heart.
Thank you.
[672]
Good economic policy
is a team effort.
[675]
And goodness knows my fellow
teammates are the best ever:
[680]
Larry Kudlow, my friend forever
and ever and ever.
[684]
Steve Moore.
Where are you, Steve?
[686]
Steve Moore.
Steve Forbes.
[689]
Steve Forbes canceled his trip
abroad to be here today.
[692]
Is David Malpass here?
Kevin Hassett.
[697]
Team players, Steven Mnuchin,
wherever --there you are.
[700]
You're way back there.
Steven.
[702]
You don't get a better team
than that, ever.
[704]
I mean, this is the team
of all teams.
[706]
And I just want to reflect
for a second
[708]
on some of my past colleagues
[710]
and working with
other administrations.
[713]
For example, in the past,
my colleagues included Nobel
[716]
Laureate and dear friend
Bob Mundell;
[719]
the legendary editorial
page editor,
[722]
Bob Bartley, of the Wall Street
Journal; Jude Wanniski,
[725]
the crazy, wild revolutionary
for supply-side economics;
[730]
Milton Friedman, of course;
[732]
my godfather and dearest
supporter, Justin
[734]
Dart; George Schultz, my mentor
who has hired me four times
[739]
and not gotten tired of it yet,
[741]
I guess; Jack Kemp,
who we called, "The Weapon" --
[745]
he's delivered it;
and my classmate at Yale,
[747]
and my dear friend,
a guy named Dick Cheney.
[750]
It's just really
wonderful to have --
[751]
each of whom deserves
a lot of praise.
[753]
By the way, just for the record,
Bob Bartley, Milton Friedman,
[759]
Justin Dart, George Schultz,
Jack Kemp, and Dick Cheney
[764]
all received
the President Medal of Freedom.
[767]
Isn't that amazing?I'm in great,
great company, let me tell you.
[771]
I'm awed by that.
[772]
But to get over the --
to get the ball over the --
[776]
to get the ball
over the goal line,
[779]
committed leadership
is the sine qua non for this.
[783]
And we had President Kennedy,
President Reagan, Prime Minister
[788]
Margaret
Thatcher, and of course, you,
[790]
Mr. President, Donald Trump,
to really make it all happen.
[794]
Without the leaders --
[796]
(applause)
-- and all I can say is, wow.
[807]
I mean, you know,
President Kennedy
[809]
established the current
Presidential Medal of Freedom,
[812]
and both President Reagan
and Margaret
[814]
Thatcher were recipients.
[817]
My business partner is here.
[819]
My business partner's friends
and fellow dreamcatchers --
[823]
a number of whom are here today,
by the way --
[825]
have allowed all of this
to happen for me,
[828]
and I am eternally grateful.
They are the salt of the Earth.
[831]
And, in fact, they actually
lived the lives
[833]
that we economists
just talk about.
[836]
They actually do it.
[838]
And it is for them
that we do what we do.
[842]
They have kept, do keep, and
will keep America prosperous.
[847]
And my final shout-out,
if I may, is to my family --
[849]
my wonderful family.
[851]
All six of my children
are here today,
[854]
as well as Mike
Madzin and Mike Stabile.
[858]
I'm missing my 13 grandchildren
and my 4 great-grandchildren,
[864]
for which I am sure
the White House staff
[866]
is eternally grateful.
[868]
(laughter)
[869]
My family makes me very,
very proud
[871]
and gives me a reason
every morning to get up
[874]
and get to work. Thank you.
[876]
(applause)
Most Recent Videos:
You can go back to the homepage right here: Homepage