Good news, America! Dr. Arthur Laffer, world-class economist, tells BizRadio's Daniel Frishberg that our economic future isn't so dark after all.
Dr. Laffer says: "Well, for Texas, it won't feel all that bad. You've got a lot of housing problems, but Texas, being a no-income-tax state, will be the first to recover and the last to fall into the recession. You'll see things like construction declining, then you'll see the traded goods industries, like exports and imports, expanding like mad because you have the weak dollar and you have the substitution into those production areas. Obviously, you're gonna get some increase in unemployment and you're gonna get some decline in asset values, but you will get a lot of it offset by export, by import subsets and other industries.Fortunately, because we are part of the global community, we can mitigate and soften the recession in the U.S. by exporting more and by importing less and thereby having less of a decline in the U.S. economy, and that's really very important to understand."
Hear the full story, plus hear Dr. Laffer, a close friend of John McCain (though not an official advisor), reveal his own take on what a McCain presidency would be like. Hear the personal opinion of a financial genius and former presidential chief economist on one of the biggest questions of the day. Keep coming back to Industrialinfo.com Radio and BizRadio for more news.
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