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Zuckerman and Laffer on Economy
LAFFER: Let's take the total amount they've spent over the last 18 months or so, the total amount, maybe three and a half trillion dollars. That's about a year-and-a-half worth of total tax take from the federal government. Just imagine what would have happened if they said, "We're going to have a federal tax holiday for a year and a half. No income taxes, no payroll taxes, no estate taxes, no capital gains taxes, no excise taxes, no federal taxes for a year and a half." The deficit would be no larger -- in fact, it would be a heck of a lot smaller -- and you'd have huge growth in this US economy. We'd have a 3% unemployment rate, and we'd be sizzling along beautifully. Instead, they've just destroyed it.
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