President Trump Presents the Presidential Medal of Freedom to Arthur Laffer

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This video is about President Donald Trump’s speech at the White House on June 19, 2019, where he awards the Medal of Freedom to Arthur Laffer. He starts by saying that it is his privilege to award their nation’s highest civilian honor to the father of supply-side economics, Dr. Arthur Laffer. He remarks that he has the Congressional Medal of Honor on the military side, which is something incredibly special.

Trump says that a few people in history have revolutionized economic thought and policy like Dr. Arthur Laffer. He states that he developed a brilliant theory, shaped unprecedented economic reforms, and helped turn a severe recession into a remarkable boom.

Donald Trump says that he proved that the most powerful way to grow the economy and raise the government revenue was not to increase tax rates but to adopt strong incentives that unleash the power of human freedom and innovate, create jobs, and deliver a greater opportunity to all Americans.

Trump informs that Dr. Laffer is a Yale graduate and went on to earn his Ph.D. in Economics from Stanford University. He adds that he became the youngest-ever tenured professor at the University of Chicago. He remarks that in 1970, Art served as the very first chief economist at the Office of Management and Budget, where he designed an economic model that is still used today to forecast tax revenue and accurately predict economic growth.

President Trump mentions about the Laffer Curve that is a very highly respected economic curve. He says Art showed that if tax rates are too high, people stop spending and they stop investing, that results in less growth and lower tax revenues. He adds that at a certain point on the curve, lower tax rates spur investment, economic growth, and raise government revenue.

Trump states that Art served on the President’s Economic Policy Advisory Board and played a vital role in both the 1981 and 1986 tax cuts, which ultimately lowered the top marginal tax rate from 70 percent to 28 percent. He exclaims that Art has advised many world leaders including former UK Prime Minister Margaret Thatcher.

Donald Trump mentions that in 1999, TIME magazine named Dr. Laffer as one of the greatest minds of the 20th century. He ends by saying that today, their nation is stronger, their people more prosperous, and the world a much better place because of the brilliance and boldness of Dr. Arthur Laffer.

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