TELLING YOU, I AIM TO KILL THE
BILL AND SAVE AMERICA.
ALL RIGHT, JOINING ME NOW, MY
GREAT PAL ART LAFFER, FORMER
REAGAN ECONOMIC ADVISOR,
PRESIDENTIAL MEDAL OF FREEDOM
RECIPIENT.
ARTHUR, GOOD TO SEE YOU.
I HAVE LOTS OF THINGS TO TALK TO
YOU ABOUT AND YOU’RE OUR LEAD
GUY TODAY SO THAT’S SOMETHING
BUT ON THIS $350 BILLION, THIS
IS JUST THE JUST LIKE CHINA
BILL.
CHINA USES STATE-RUN FUNDS, THEY
ALLOCATE FUNDS.
WE’RE DOING THE SAME THING.
I GOT 18 REPUBLICAN SENATORS WHO
SIGNED ON TO IT WHICH IS
PATHETIC.
NO REPUBLICANS IN THE HOUSE
VOTED FOR THIS MONSTROSITY
EXCEPT THIS GUY KINZINGER FROM
ILLINOIS BUT HE IS NOT A
REPUBLICAN.
SO THESE SENATORS, THIS GUY TODD
YOUNG INSULTS OUR PAL
DAVID ASMAN WHO IS A GOOD
MARKET-ORIENTED SUPPLY-SIDER,
BLESS HIS HEART, ARTHUR, CAN’T
WE DO BETTER THAN THIS, REALLY?
>> YOU’RE ON FIRE, LARRY. LARRY: KELLY LOEFFLER.
LARRY: KELLY LOEFFLER.
>> I LOVE -- IT.
THIS IS $1000 OR MORE FOR EVERY
MAN WOMAN AND CHILD IN THE
UNITED STATES.
THE SECOND POINT I WOULD MAKE,
THAT IS A HUGE AMOUNT OF MONEY.
SECOND POINT I WOULD MAKE COSTS
31 CENTS TO TAKE MONEY FROM THE
PRIVATE SECTOR TO PUT IT IN THE
GOVERNMENT FOR THEM TO MAKE THE
INVESTMENT WHICH IS A
DOUBLE-WHAMMY AGAINST IT.
IT MAKES NO SENSE, WHATSOEVER.
GET OUT OF THE BUSINESS, STOP
PASSING BILLS AND JUST GET BACK
TO FREE MARKETS THE WAY THEY
SHOULD BE.
NONE OF THESE PROPOSALS BY THE
DEMOCRATS INCREASE THE
PROSPERITY OF AMERICA.
THEY JUST PLAIN DON’T AND THEY
SURE AS HECK DON’T INCREASE OUR
COMPETITIVENESS WITH CHINA.
PRIVATE SECTOR IS THE ONLY WAY
WE’LL COMPETE WITH CHINA PERIOD.
LARRY: THIS IS, BY THE WAY I
DON’T REALLY KNOW THIS GUY,
SENATOR YOUNG.
I THINK HE HAS BEEN ON THE SHOW
BUT I’M NOT REALLY SURE.
NOT PERSONAL.
NEVER IS WITH ME BUT IT IS
POLICY AND POLITICAL.
IT’S A TERRIBLE THING.
SO FUNNY REPUBLICANS ARE ALL
CLAPPING THEMSELVES ON THE BACK
BECAUSE THEY STOPPED THE FIVE
TRILLION DOLLAR BBB, BIG
GOVERNMENT SOCIALIST BILL
WHATEVER, AND THEN THEY GO SIGN
UP FOR THIS NONSENSE, THEY DO IT
IN THE NAME OF COMPETITION.
>> I KNOW.
LARRY: ARTHUR, IN OUR NEXT LIFE
YOU AND I NEED TO CONTROL THE
ENERGY DEPARTMENT SLUSH FUND AND
COMMERCE DEPARTMENT SLUSH FUNDS.
WE MISSED OUT.
HUNDREDS OF BILLIONS OF DOLLARS
THROWN AROUND.
OF COURSE NO FINANCING BEHIND IT
THIS IS PART OF THE DARN
PROBLEM.
WASHINGTON HAS LOST ITS WAY.
IT HAS LOST ITS MIND.
NOW I WANT TO, YOU’RE ONE OF
YOUR FAVORITES, JANET YELLEN,
AGAIN, THIS IS NEVER PERSONAL,
THERE IS A GOOD STORY TODAY
"WALL STREET JOURNAL," OUR
FRIEND PHIL GRAHAM WROTE A
STORY, JANET YELLEN SAYS LAFFER
CURVE SUPPLY-SIDE ECONMICS
DIDN’T WORK.
TAX CUTS, REGULATORY CUTS, NONE
OF THAT EVER WORKED AND WE HAVE
MODERN SUPPLY SIDE.
I JUST MADE A LILIES FROM
MISYELLEN.
MODERN SUPPLY SIDE WHICH WILL
FOSTER GROWTH, PRODUCTIVITY AND
JOBS.
CHILD TAX CREDITS, PAID FAMILY
LEAVE, EXPANDING OBAMACARE, MORE
HEALTH SUBSIDIES.
IN GENERAL FEDERAL INVESTMENT
NOT PRIVATE INVESTMENT.
SHE CALLS THAT MODERN SUPPLY
SIDE.
SHE SAYS THAT IS THE KEY TO
GROWTH.
THE STUFF YOU’VE BEEN ARGUING
FOR, THE REST OF US FOLLOWING IN
YOUR FOOTSTEPS DOWN THROUGH THE
YEARS IS ALL WRONG, PRIVATE
SECTOR STUFF IS ALL WRONG.
>> I DON’T KNOW WHERE SHE GETS
HER STUFF FROM.
HONESTLY LOOK AT THE TAX
REVENUES CAME FROM THE TRUMP TAX
BILL, YOURS AND THE PRESIDENT’S,
REVENUES INCREASED SUBSTANTIALLY
TWO YEARS AFTER THE BILL THAN
THEY HAD IN THE TWO YEARS
BEFORE.
IT PAID FOR ITSELF WELL.
IT CREATED THE LOWEST POVERTY
RATES IN AMERICA ESPECIALLY
AMONGST THE POOR, MINORITIES,
DISENFRANCHISED, INNER-CITY,
LESS EDUCATED, WHAT MORE DO YOU
WANT THAN THAT?
I HAD A DEBATE WITH DEMOCRATS,
WHAT YOU CALL IT --
LARRY: AUSTAN.
AUSTAN GOOLSBEE.
>> TWO YEARS BEFORE THE BILL WAS
BEING PASSED.
WENT THROUGH ALL OF THIS STUFF,
FRANKLY IT WORKED PERFECTLY.
WORKED JUST AS WELL AS YOU AND I
THOUGHT IT WOULD, I DON’T KNOW
HOW THEY STILL COMPLAIN IT
DOESN’T WORK.
LARRY: REAL WORLD EXAMPLE.
YOU’RE RIGHT, THE DATA, THE
NUMBERS REALLY SPEAK FOR
THEMSELVES BUT, BUT, BUT --
>> THEY’RE PERFECT.
LARRY: LET’S, YOU KNOW, BERNIE
SANDERS, RIGHT?
JOE BIDEN WON BUT BERNIE SANDERS
REALLY WON.
THE IT IS BERNIE SANDERS’S
PARTY, AOC, SOCIALIST PARTY.
FINE.
IT IS A FREE COUNTRY.
THEY CAN BE SOCIALISTS BUT THAT
DOESN’T MEAN THEY’RE RIGHT, THEY
ALWAYS CITE, MR. SANDERS IN
PARTICULAR, SWEDEN AND DENMARK,
YOU KNOW THE NORTHERN EUROPEAN
COUNTRIES WHICH AT ONE TIME WERE
YOU KNOW, VERY SOCIALIST
ORIENTED PUBLIC SECTOR BUT
ARTHUR, THE NEAT PART ABOUT THAT
STORY, IF YOU LOOK WHAT HAPPENED
IN THE LAST, 10, 15, 20 YEARS,
THEY HAVE CUT TAXES AND THEY
HAVE CUT REGULATIONS AND THEY’RE
BECOMING MORE CAPITALIST THAN WE
ARE.
>> OH, VERY MUCH SO.
THERE IS NO DEATH TAX THERE IS
NO GIFT TAX.
I MEAN IT IS ALL VERY
PRO-GROWTH.
THEY CONTROL THEIR OWN CURRENCY
AND THEIR CURRENCY IS SOUND AS
OPPOSED TO OURS IN THE EURO.
THEY HAVE DONE A GREAT JOB.
SWEDEN IS MOST CAPITALIST NATION
OF ALL, WITH THE MOST PRO-GROWTH
AGENDA OF ALL.
IT IS AMAZING WHAT THEY HAVE
BEEN DOING.
I DON’T KNOW WHERE BERNIE
SANDERS AROUND ELIZABETH WARREN
COME OUT, THEY’RE LOOKING SWEDEN
OF OLD RATHER THAN SWEDEN OF
TODAY, WHICH IS PRO-GROWTH
ECONOMIC POLICIES.
IT IS JUST GREAT.
LARRY: IF YOU WANT TO BE LIKE
EUROPE, I DON’T WANT TO BE LIKE
EUROPE BECAUSE WESTERN EUROPE IS
NOT DOING WELL, FRANCE, GERMANY,
ITALY BUT THOSE NORTH COUNTRIES
ARE.
BY THE WAY, HAVEN’T YOU, YOU
HAVE BEEN TO CENTRAL EUROPE,
HUNGARY, POLAND, BALTICS, YOU
TAUGHT THEM SUPPLY-SIDE
ECONMICS, AREN’T THEY DOING VERY
WELL USING PRIVATE INVESTMENT,
FREE ENTERPRISE RATE OF RETURNS?
>> THEY SURE HAVE BEEN.
THEY HAVE BEEN DOING VERY WELL
DOING THAT AND THAT IS EXACTLY
THE WAY WE SHOULD DO IT.
WHETHER IT BE REAGAN, TRUMP OR
KENNEDY OR EVEN BILL CLINTON.
ALL OF THOSE POLICIES OF THOSE
FOUR PRESIDENTS WORKED
BEAUTIFULLY.
THEY WERE NOT JANET YELLEN
QUOTE-UNQUOTE, SUPPLY-SIDE
ECONMICS.
IT IS JUST SILLY WHAT SHE IS
SAYING AND I DON’T KNOW WHY SHE
SAYS IT, FRANKLY YOU WOULD
THINK, EVEN ABOVE YOUR
GOVERNMENT POSITION SUPPORTING
YOUR PRESIDENT ALL THAT YOU
WOULD THINK YOU WOULD BE FOCUSED
TRYING TO HELP AMERICA AND EVEN
IF IT MEANT GOING A LITTLE BIT
AGAINST YOUR PRESIDENT YOU
SHOULD BE PRO-AMERICAN MORE THAN
PRO-BIDEN AND THAT IS NOT WHAT I
HEAR FROM HER.
LARRY: LOOK, ALL THE SPENDING
HAS CREATED, WHAT 7% INFLATION
ON THE WAY TO 10% INFLATION.
THAT IS ALL IT’S DONE.
SENATORRED TO YOUNG WANTS TO PUT
IN ANOTHER 30 BILLION, COME WITH
ANOTHER COVID RELIEF BILL.
THEY PASSED A USELESS
INFRASTRUCTURE BILL FOR ONE
TRILLION WHICH THE EPA,
REGULATORS COMPLETELY UNDERCUT.
ALL THIS IS INFLATION.
YEAR OR TWO COULD DAMAGE THE
ECONOMY.
SPEAKING AFTER YEAR OR TWO,
ARTHUR, LAST POINT.
"THE WASHINGTON POST" OF ALL
PLACES WROTE A PRETTY
INTERESTING STORY, A NEWS STORY
THAT THE SPIKE IN THE MONEY
SUPPLY IS THE PRINCIPLE CAUSE OF
INFLATION AND YOU KNOW THEY MEAN
THE FED’S RESERVE BALANCE SHEET
AND M2 AND THAT THEY SINGLED
THAT OUT.
I DON’T RECALL IF THEY SINGLED
YOU OUT OR WHOEVER BUT THEY
SINGLED OUT MONETARISTS TYPES,
STEVE HENKE, ANYWAY, ART, THAT
IS KIND OF A REVELATION.
I WANT TO SPEND THE LAST MINUTE
OR SO.
THE FED WILL NOT END INFLATION
UNLESS THEY CUT BACK ON THE
MONEY SUPPLY.
THAT IS WHERE THIS IS GOING.
>> I WOULD GO EVEN FURTHER THAN
THAT.
AS LONG AS THEY’RE BUYING
GOVERNMENT DEFICIT BONDS, AS
LONG AS INTEREST RATES ARE IN
THE RANGE THEY ARE YOU HAVE GOT
NEGATIVE REAL INTEREST RATES,
LARRY, CLEARLY NOT GOING TO
CONTROL THE RATE OF GROWTH OF
THE MONEY SUPPLY OR INFLATION,
PERIOD.
THAT IS JUST NOT GOING TO
HAPPEN.
THE WAY PAUL VOLCKER DID IT GOT
INTEREST RATES UP OVER THE RATE
OF INFLATION.
WHEN WE TOOK OFFICE, LARRY, THE
PRIME INTEREST RATE WAS 21 OF
THAT%.
INFLATION WAS IN THE MID-TEENS.
IT WAS A HUGE REAL ARE RATE
REALLY BROUGHT PRESSURE BACK ON
THE FEDS, BROUGHT THEM UNDER
CONTROL.
THAT IS WHAT THEY DID BUT CAN I
MAKE ONE SUGGESTION FOR YOU WITH
SENATOR YOUNG, IF I CAN?
LARRY: YEAH.
>> OFFER TO HIM, GIVE HIM A CALL
PRIVATELY.
LET HIM TALK WITH YOU PRIVATELY.
SEE IF YOU WOULD LIKE TO BRING
HIM ON THE SHOW.
I THINK IT SCARES HIM TO THINK
AFTER COMBAT SITUATION AND I
FEEL SORRY FOR HIM, HE IS ON TV,
HAS GOT TO DEFEND HIMSELF.
SIT AND TALK TO HIM PRIVATELY,
CALMLY, PEACEFULLY.
I THINK HE WILL SEE YOUR POINT
OF VIEW COMPLETELY, LARRY, I
THINK HE WILL SWITCH HIS VOTE.
LARRY: THAT IS A LOVELY THOUGHT.
I WOULD HAVE BEEN NICER, NONE OF
THIS IS PERSONAL.
THIS IS ONLY ANALYTIC.
>> I KNOW.
LARRY: HE CAME AFTER MY FRIEND
DAVID ASMAN, A FREE MARKET
SUPPLY-SIDER, USED TO RUN THE
OP-ED PAGES OF
"WALL STREET JOURNAL" WHEN YOU
CONTRIBUTED AND I CONTRIBUTED IN
THE LATE GOLDEN DAYS OF THE LATE
ROBERT FARLEY, I EXTENDED ON THE
SHOW, MR. YOUNG, HOW COULD TODD
YOUNG, EX-NAVY, I THINK HE WAS A
MARINE BE AFRAID OF AN OLD GUY
LIKE ME?
I CAN BARELY STRADDLE UP TO THE
DESK TO MAKE THE SHOW.
HE CAN’T BE AFRAID OF ME.
>> HE IS AFRAID OF BEING ON TV
LARRY.
LARRY: HE WAS ON TV.
>> GETTING INTO AN ARGUMENT ON
TV.
LARRY: HE WAS ON TV.
A COUPLE HOURS AGO.
>> HE SHOULDN’T HAVE SAID WHAT
HE SAID.
HE SHOULDN’T HAVE.
ESPECIALLY NOT TO DAVID ASMAN.
THAT IS NOT RIGHT TO SAY THAT.
BUT I WOULD TAKE HIM TO THE
PRIVATE SIDE AND TALK TO HIM
PERSONALLY.
AND THEN INVITE HIM ON THE SHOW
IN A VERY LOVELY CORDIAL WAY.
I THINK YOU WILL SEE HIM
SWITCHING HIS VOTE.
LARRY: I’M MR. CIVILITY ALWAYS.
>> I KNOW YOU ARE.
LARRY: NEVER PERSONAL.
>> YOU ALWAYS HAVE BEEN.
LARRY: I COULD PROBABLY FORGIVE
HIM.
I WILL HAVE TO PRAY ON IT, BUT I
THINK I COULD FORGIVE HIM FOR
HIS ECONOMIC POLICY MISTAKE.
I WILL WORK ON THAT, I PROMISE.
>> I ADORE YOU, LARRY.
[LAUGHTER]
LARRY: ART LAFFER.
>> YOU ARE AMAZING.
LARRY: SAVE AMERICA, KILL THE
BILL, DEEP PRAYER AND
MEDITATION.
>> KILL THE BILL.
KILL ALL THESE BILLS, LARRY.