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Laffer: Obama Must Use Reaganomics to Save Economy
By Martin Gould and Kathleen Walter
Wednesday, 10 Aug 2011 

The only way President Barack Obama can solve the nation’s economic woes is to adopt “common-sense” Reaganomics, the policy’s architect Arthur Laffer claims in an exclusive Newsmax interview. 

Laffer said the White House called him in the spring and asked him to speak to Obama’s former Council of Economic Advisors’ chairman Austen Goolsbee – and he had told him exactly the same thing. 

“Reaganomics would fix any economy that’s in the doldrums,” Laffer said. “It’s not a magic sauce, it’s common sense. 

“You’ve got to get rid of all federal taxes in the extreme and replace them with a low-rate flat tax on business net sales, and on personal unadjusted gross income. That’s number one. 

“Number two, you have to have spending restraint. Government spending causes unemployment, it does not cure unemployment. 

“Number three, you need sound money. Ben Bernanke is running the least sound monetary policy I’ve ever heard of,” Laffer said. 

“Number four you need regulations, but you don’t need those regulations to go beyond the purpose at hand and create collateral damage. The regulatory policies are really way off here. 

“And lastly you need free trade,” Laffer said... 

Read the rest of the story at Newsmax...