Under clinton an increase in the personal income tax rates. that s true. the top two brackets. all of the rest, tax cuts. he cut government spending, a share of gdp by 3.5 percentage points. amazing what he did. why i voted for him twice. terrific as a president. kennedy. he was tax cuts. surpluses after kennedy because of economic growth. reagan. revenues grew dramatically after reagan. huge increases in defense spending talking about behavioral responses, so at that point my point is talking about the median wage. i ve got to that s not median wages are a problem, right? so much income inequality. rich making more money, increases the median. let me, if i can we created 20 million new jobs under reagan, which meant people with zero income all of a sudden started making incomes and they weren t above the median income. that brings to down because they created jobs and now have some
What any of these people who do economic modeling for a living think it is. even if just good. a lot had good growth. take your argument. growth will be good. the other argument is, growth is going to go up as much as these people predict and tax cuts on individual individuals expire. and the deficit will increase. say the people on the latter argument, who have the latter argument are wrong, and growth is good, and it doesn t increase the deficit. then they ve got egg on their face. that s fine. if you re wrong, we have a big economic problem. if they re wrong, we have a good economic solution, and frankly, i ve been wrong lots of times, ali. let me be very serious, but frankly, this one i m not wrong on. this one we saw happen with reagan. saw it happen with kennedy. saw it happen with clinton. when you cut those tax rates you get the economic growth and the best budgets we got an increase of taxes under clinton and economic growth as a result. no.
Income, before none. if you took the same group of people who had jobs at the beginning of reagan and at the end of reagan, their average incomes went up enormously. it s just you had all of these people coming in at the bottom where we need the help today. we have to get to an end of the conversation. looking below 5% unemployment that should solve most of our problems. the world we re in, it s not actually doing that, art i beg your forgiveness. have to call you back. about to go to the train derailment. i have to cover that. thank you, ali. art laffer, chairman of laffer associateses invented the laffer curve. monitors breaking news near tacoma, washington. an amtrak train derailed during morning rush hour. casualties, not able to get through every car. they haven t tablized the train which came off the tracks. part of the train is now hanging on to the interstate.