Former Reagan Economic Adviser Art Laffer joined "Varney & Co." Thursday to discuss Biden's welfare state as the president continues to tout his economic agenda, arguing the U.S. is ‘getting into a stage’ by protecting everyone from losses.
ART LAFFER: ...What is happening, if you're lying flat on your back on the basement floor, you cannot fall. That's the welfare state. But now you only cannot fall, you can't achieve anything either... It's the European model making sure that no one loses. Making sure that no one has losses at all. And once you do that, you guarantee that no one has profits, no one has gains, no one has productivity growth. So we are getting into a stage by protecting everyone from losses. We're guaranteeing that no one can have profits either. And it is a slow, sluggish Japanese, European model. And you may remember it from the old country. I sure as heck do. And it's just not something that America is all about. But that's what Biden has put in.
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