The White House announced on Friday that President Donald Trump will award the Presidential Medal of Freedom — the country’s highest civilian honor — to economist Arthur Laffer on June 19.
Laffer is the “father of supply-side economics” and “one of the most influential economists in American history,” the White House said in its statement.
“He is renowned for his economic theory, the ‘Laffer Curve,’ which establishes the strong incentive effects of lower tax rates that spur investment, production, jobs, wages, economic growth and tax compliance,” the announcement also said.
Laffer, who is 78, gained prominence during the administration of Ronald Reagan. He was a member of Reagan’s Economic Policy Advisory Board and also worked for former President Richard Nixon.
Laffer devised his Laffer Curve theory to explain that high tax rates can sometimes produce less revenue than moderate or low tax rates.
Together with economist Stephen Moore, Laffer also co-wrote “Trumponomics: Inside the America First Plan to Revive Our Economy.” Trump picked Moore for the Federal Reserve Board, but ultimately Moore chose to take himself out of the process, saying he would “continue to be a loud economic voice advocating for your policies.”
Here’s the full text of the message about Laffer from the White House:
On June 19, 2019, President Donald J. Trump will award the Presidential Medal of Freedom to Arthur B. Laffer. This prestigious award is the Nation’s highest civilian honor, which may be awarded by the President to individuals who have made especially meritorious contributions to the security or national interests of the United States, to world peace, or to cultural or other significant public or private endeavors.
Arthur B. Laffer, the “Father of Supply-Side Economics,” is one of the most influential economists in American history. He is renowned for his economic theory, the “Laffer Curve,” which establishes the strong incentive effects of lower tax rates that spur investment, production, jobs, wages, economic growth, and tax compliance. Dr. Laffer was the first chief economist of the Office of Management and Budget and a top economic advisor to President Ronald Reagan. Among other accomplishments during his distinguished career, he served as a consultant to the Department of the Treasury and Department of Defense. Dr. Laffer’s public service and contributions to economic policy have helped spur prosperity for our Nation.
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