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Art Laffer: Obama now 'owns' economic situation

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    New poll shows public dissatisfied with U.S. direction

  • Duration 4:46
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-- like you to take a look at this President Obama is heading into his second term and his marched down Pennsylvania Avenue with more Americans -- down in the dumps period.

Nearly a quarter saying they're satisfied with the direction of the country is headed right now and that's the lowest number we've seen.

Since gone back Ronnie Reagan now surprises -- guy art Laffer what are we to take away from that.

I don't think things look very good deal -- it's pretty bad except -- go to your waist -- looks wonderful -- and it was spectacular.

She was just spectacular but.

Yeah the economy looks bad and Obama now is it I mean after these votes the fiscal cliff and all the negative about those votes that you and I could talk about.

The good thing is is now Obama owns the economy.

He's got his tax increases its it is and I don't think the economy's gonna look good for quite awhile and frankly.

That bodes very well for 2014.

Do you know we're we're -- are when he does that cost him with the exception to view and I know in the face of the Bill Clinton's tax hikes and that it when he first came to office.

A lot of folks are very worried.

You'll -- at the time we're not because he was marrying it and especially into two years with welfare -- American real constructive exactly shrinking of government.

On that was very different so -- -- -- attack -- attacks like now I suspect would be very different or maybe I'm wrong again I'd like to be wrong.

Could the -- an -- which art Laffer says.

This could work -- Now I don't think so I mean and do remember -- Clinton did raise the personal income tax rate that's very true.

Memory cut the capital gains had a -- he cut taxes only elderly.

He and I'll leave -- -- all sorts of wonderful things in there on taxes as well he got rid of the capital gains tax and owner occupied homes if -- remembered.

It was pretty amazing what he -- on spending.

He cut spending by more than the next four best presidents combined so.

You know Clinton is a very different person than Barack Obama and I don't see any hope to be honest with the except for political change and we lost our chance this time.

But I think we're gonna get it 2014.

Now that he owns this economy and all the Democrats with a you argue that Republicans will do well and in the mid terms.

All I think they're gonna do really well on the -- I view -- Nixon like second term -- or Barack Obama to be honest with you and your poll numbers are showing exactly that type of drop.

It you know it happens very quickly dialogue and -- -- riled numbers for congress as well and much -- and out of the president anybody that turns around.

What you don't elect a congress is -- that's a congress person.

And that's the big difference here you do -- really elect the president wants a presence back negatives get out of orbit.

It really is hard to bring him back in you know.

UW couldn't do it and Nixon couldn't do it and I don't think Obama can do it either I -- -- so I think he's only got one term left.

Well either that it's real like god I don't.

Ronald Reagan when he agreed in the 1986 expects him to raise taxes even though they finished being a lot lower than they were when he came into office he did agree with a commitment on the part of Democrats to cut spending at the time the race -- something like three to one.

Spending cuts over tax -- Odd that didn't pan out quite that way but it certainly wasn't 41 to won the -- of tax hikes to spending cuts now that's what worries me.

That there's really no -- behind this deal.

Let me take it back it was 82 that he did the trade off of three to one.

And that one did not work out he got the 98 billion dollar tax increase remember Bob Dole pushing that through when he got to promise of three times as many.

In 86 tax act it was exactly revenue neutral.

Not a dollar more not a dollar lesson that's we brought the rates down to 20%.

And created this enormous prosperity.

Yeah this is -- Barack Obama's no Ronald Reagan believed in I knew Ronald Reagan.

As Darren McFadden and ahead and let -- just a dad and I try I -- I -- do a little bit out of it was great but -- but you know this is all part par I'm really glad we've got rid of this issue.

What's this issue is off the table.

It really becomes Obama's economy and I hope the Republicans in the house hold firm on the debt ceiling on spending cuts going forward.

Because now their time to shine.

And I hope they do it -- got a great job I think so far in the senate and in the house they didn't really have much choice.

But now they have a lot of choice going forward and I hope they -- exercise well.

I have my doubts I had my -- put a little Lenovo I Clinton when you share -- -- bosses.

Optimistic.

Have -- let's -- the world and that's to be admired.

Oh I don't really -- I'm really I haven't been this I think we're at exactly the -- bottom.

It's the winter solstice and it's only uphill from now on okay now the ago.

Art -- near my friend -- thing happy new year -- it's great being with the thank you all right.

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