What are the five things that any economy needs in order to start booming?
Spending restraint curbs the need for higher taxation.
Sound money provides a stable environment for economic prosperity.
Free trade is one of the bulwarks of a successful economy—we would be foolish as a country not to engage with other nations to our mutual benefit.
Do you know what the last two pillars are?
Watch as Art Laffer reveals all five pillars and why each one is necessary to a powerful economy!
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The five pillars of prosperity.
Number one, a low, broad-based flat tax to provide the least incentive for people to evade, avoid, or otherwise not report taxable income.
Number two, spending restraint. As Milton Friedman said, “spending is taxation.” And it is.
So low-rate, broad-based flat tax and spending restraint.
Sound money. There’s nothing that can bring an economy to its knees quicker than unsound money.
Then you have regulatory reform, where you have regulations… We all know we need them, but we need them not to go beyond the specific purpose at hand and cause collateral damage.
And lastly, free trade. There are some things we do better than foreigners and some things foreigners do better than we do. We and they would be foolish in the extreme if we didn’t sell them those things we make better than they do in exchange for those things they make better than we do.
Low-rate, broad-based flat tax, spending restraint, sound money, free trade, minimal regulations, and you’ll have a prosperous economy.
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