Ralph Benko appears at the Washington Examiner today:
Economist Dr. Arthur Laffer’s famous curve provided an earlier era with the recipe for prosperity. It was a simple, irrefutable, axiom, showing that too high tax rates, by throttling economic activity, would stifle government revenue. (President Kennedy made the identical point.)
The Laffer Curve powered America out of the horrible stagflation of the 1970’s—an economy even worse than today’s.
We now enter a new political epoch. It demands a fresh axiom, Schramm’s Law: “The single most important contributor to a nation’s economic growth is the number of startups that grow to a billion dollars in revenue within 20 years.”
We seek to emerge from the Great Recession while the incumbent administration flounders about with ineffectual and counterproductive remedies. President Obama squandered so much political capital that the voters gave his entire party a “shellacking” (his word).Voters gave the Republicans a new and massive majority in the House — the constitutional source of taxing and spending.