In an op-ed entitled “The Age of Prosperity is Over,” economist Art Laffer makes a good case for deep pessimism. In his view, the forces of socialism are moving in for the kill on the badly wounded remnant of capitalism, much as a pack of hyenas might be preparing for the kill of an old wildebeest.
Laffer writes, “Twenty-five years down the line, what this administration and Congress have done will be viewed in much the same light as what Herbert Hoover did in the years 1929 through 1932. Whenever people make decisions when they are panicked, the consequences are rarely pretty. We are now witnessing the end of prosperity.”
NB: he isn’t talking about the further destruction in store if we get the liberal Democratic utopia Obama, Schumer, Frank, et are dreaming about.
