US economy perfectly poised for 'very rapid' recovery: Art Laffer

US economy perfectly poised for 'very rapid' recovery: Art Laffer

September 10, 2020

Art Laffer: US ‘perfectly poised’ for rapid economic recovery

Former Reagan economist Art Laffer argues against another round of coronavirus stimulus.

Art Laffer, a former economic adviser to President Reagan, told "Varney & Co."  that the U.S. economy is "perfectly poised" for a rapid recovery and another round of coronavirus stimulus relief isn't necessary.

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"This isn't help," Laffer told host Stuart Varney. "It's harm. It's adding to our deficit and the national debt and will cause problems … I'm personally rooting for it not to make it.

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"I think we've had enough stimulus, which is not stimulus, and I don't think we need anymore at all," he explained. "I don't think we need more debt and I don't think it helps the economy."

Senate Democrats blocked a Republican coronavirus rescue package Thursday, likely preventing a fifth relief bill before the November election.

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But Laffer said the economy just needs time and Democrat-run states like California, Illinois, New York, and New Jersey need to reopen.

"Once they get 'pro-growth' and get the restrictions removed because the disease incidence is less you're going to get that economy continuing to boom," he said. "I think we're perfectly poised for a very, very rapid continued recovery in this economy. I'm very optimistic about the country and the economy."

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Laffer went on to say that states such as Texas, Florida, and Georgia, that have opened are "doing really, really well."

"Why [New York is] waiting and waiting is beyond me, but that's [Gov. Andrew] Cuomo for you, that's the New York way, [Gov. Phil] Murphy's no better nor is [Gov. Gavin] Newsom."

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