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Well, it's all come down to this. I'm having a cyber-supposium on August 10th, 11th, and 12th. This historical event will be livestreamed 72 hours straight on my new platform, FrankSpeech.com. You can help by getting everybody you know to go to FrankSpeech.com now. To help support this cyber-supposium event, I am offering some of the best prices ever on MyPillow products, but they're only offered at FrankSpeech.com. Go to FrankSpeech.com, use the promo code PastorGreg.
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Welcome to our audience, TECNTV.com. I hope you're seeing us. I'm seeing you.
Yeah. Great to be with you folks over there, CloudHub.com. And of course, I think we're still up on Facebook, although with Ryan having been on last half hour, maybe not, I don't know. We'll see.
Let's see. I also want to give a shout out to our USA radio audience and to those listening on Noble Radio down in South Texas and those of you listening on the Truth Network as well. Great to have everybody on board, AMFM247.com. Let me not forget them. All right. I want to welcome my next guest. And by the way, big shout out to my good friends, Johanna and Ward. I hope you're listening.
Great to have you on board today. Well, my next guest is a professor of economics, a professor of history. He studies the intersection between those two and has written some incredible books and incredible articles about Reaganomics. He is mentioned actually in the book Econoclass, The Rebels Who Sparked the Supply Side Revolution and Restored American Prosperity. Actually, that's his book.
Brian Dimitrovic, the writer of that book. I want to welcome Dr. Brian to the program. Dr. Brian, welcome. Good to have you. Thank you, Professor.
It's great to be here. I want to start with just kind of a basic question, because, you know, there's been media wise, we have fake news out there. And they have attacked the idea of supply side economics relentlessly. Give me a brief description for my audience of supply side economics.
What is that? Supply side economics first arose in the 1970s, 45 years ago, when the United States was just going through a horrible economic time of troubles of very high inflation, double digits every year, price increases. We see half that now. We don't like it. Coupled with economic stagnation and unemployment.
And it was an impossible combination, according to all the official policymakers. And so people like Arthur Laffer and Bob Mundell and Robert Bartley at The Wall Street Journal said, we need to have real money like we used to have on a gold standard and 50 years ago this week. And we have to cut tax rates, especially on those who create jobs. That policy mix, those two things, good money and tax rate cuts, became the centerpiece of the Reagan economic revolution. And it was two decades of mass prosperity after that.
We're going to get into that. So good money and jobs. Yeah, jobs and low tax rates on those who are most likely to get involved in creating economic enterprises and then sustaining them and hiring people.
Right. Which the communists like to call, oh, those are the rich people. We've got to take all their money away. But of course, what people don't realize is, is when you take the money away from the people who are trying to create the jobs that stimulate the economy, then they don't have any money to pay employees.
But we'll get into that. So what is trickle down economics? Where did that term come from and describe that? That's an old slur that dates from way back in the 1930s when people were confused about the government's response to the Great Depression. And that's actually not even the way to put it, because the government really caused the Great Depression through tax increases and so forth.
And so that was a slur that's now 90 years old. But every time there are tax rate cuts on those who are prone to create jobs and invest in real enterprises, the left and the critics of supply-side economics call it trickle down. And, you know, I want to add to that. Dr. Ben Carson was on with me last Friday and we talked a bit about, you know, the opportunity zones, which really are created by those that want to create jobs with good money and spend their money, private individuals doing those kinds of things. And what was so incredible about what he was sharing was how it was changing the lives of so many people who had never had those kinds of economic opportunities before.
And yet the left, who tells us that they're all about, you know, helping the people, wants to destroy the very systems that are actually helping people. All right. Here's my next question. And this is where the history comes in. George Bush, Sr., then Bill Clinton, both inherited Reagan's economics. How much influence was still there when they became president? Well, the 1990s were very much the next several Reagan terms.
So George H.W. Bush did reverse the Reagan revolution to an unfortunate degree. And he ran in 1988 in his famous No New Taxes speech saying that he's going to cut taxes even further on the capital gains rate, which actually had increased several years before. He not only did not come through with that capital gains rate cut, he also raised regular income rates up a little bit. So we had a couple of years of sluggish economic growth and a recession under George H.W.
Bush. When Clinton came in, he finished cutting tariffs that Ronald Reagan had started. He did raise income tax rates, but then he cut capital gains rates on investments. And that's why the growth record of Bill Clinton was very slow at the beginning, but then there was a huge rush in his last four to six years with the Republican Congress.
And so those were the last six years of the Reagan revolution. Did George W. Bush use Reagan's plan? Well, he certainly ran on it, but then his implementation of tax rate cuts was very ambiguous. If you may recall, he cut tax rates at the top, the very top rate, which Bill Clinton had raised all the way up near 40 percent. He cut up by all of half a percent the first year in 2001, and that's one of the reasons we went into recession. I mean, the electorate had heard George W. Bush saying, I'm going to cut tax rates, I'm going to cut tax rates. And when he came in, he compromised down to half a percent. It's only when he took that back two years later that, no, no, no, we're going to have a real cut, starting at about five percentage point rates at the top.
Then you had the boom after 2003. So it's kind of pretty clear, is that you pay attention to the way the Reagan revolution was done and get it right, or you try to finesse it and you get it wrong. What did Barack Obama do to dismantle America's economic engine? Yeah, well, I'm going to say one thing about Barack Obama.
It's not a whole lot of secrets that the left ever mentions. He kept the full George W. Bush tax cuts all the way through his first term. That top rate, which Bush W. had cut from 39.6 to 35, stayed in force from 2009 through 2012.
So Barack Obama extended that rate cut to make sure he got reelected, and he only raised it in December 2012 when he was secured the second term. And then on top of that, if he raised what we call effective tax rates on the poor, he gave working people and those who are earning very little income so many government benefits that he caused the problem that we're really dealing with in such a frustrating manner today that people can't come into the workforce because they'll lose so many government benefits if they get a paycheck. Basically, he ushered in communism in a manner of speaking, right?
The government as the source? Yeah, my own view is that he didn't have the energy of the verb of a Vladimir Lenin or someone like that. He really wanted to destroy things. He was kind of sitting back and just letting these kind of lame programs, these programs which expanded all sorts of housing benefits and medical benefits and food benefits, and they were all means tested. So if you started to make more money, you lost them all. It got to the point, we call these things tax clips, where if you were a family earning $30,000 and getting benefits under Obama's plan, you lost money if you made $40,000 or $50,000 or $60,000. You actually lost real income.
You only recovered your income getting off government benefits if you went from $30,000 to $70,000. This is an absurd situation to put the working class and poor in, and that was care of the Obama Democrats. Who's going to give somebody a $40,000 a year raise?
I mean, stop and think about that, folks. That's why we saw labor force participation collapse by 10 million people under Obama. Talk about the labor force. Thanks, guys. Well, that's why that one guy who did do kind of the experiment, so to speak, where he paid everybody in his company, I think it was $75,000 a year, that's why he hit on that number.
Right. And this is kind of a dirty secret behind this universal basic income stuff. We're kind of trying this right now, and we're seeing what kind of corrosive effect it has on the labor force. Stores can't open, the supply chains are all disrupted, very difficult to buy a car, no housing construction.
I mean, we say it's a result of the coronavirus, okay to a degree, but let's not forget to blame the Obama Democrats. No, I was talking, my son owns a restaurant, I was talking with Ryan Hartwig about this in the break. I mean, trying to get somebody to work in the restaurant business right now is just almost near impossible because of the money handouts that people are being given.
They're incentivized to stay home. And that is a non-sustainable situation. Am I missing anything in that, doctor? No, not in the least. I mean, and what we have to say is that the origins of that problem date from 2009 in the so-called recovery plan that Barack Obama passed through Congress. That's what the origins are.
Labor force dropouts started big time in the so-called recovery from the Great Recession, and they did rebound under Donald Trump without any question, but now they've recovered their old Obama rate of lots of labor force dropouts under the new administration of his Vice President Biden. Well, and all we need to do is look around the world, okay? Look, Russia, you know, they're a communist, but they are using a different economic outlook, so to speak, in order to create money. China is the same way. I mean, China is communist, no doubt, but they are using a capitalistic market-type structure as they're taking over countries and as they're operating.
Am I missing anything there, Dr. Brian? Well, Pastor Greg, let me tell you something about the books I write that kind of explain everything about supply-side economics, like economic class, JFK and the Reagan Revolution, which I wrote with Larry Kudlow in the Trump administration. They all get translated into Chinese.
Kind of like what? The Chinese want to know what works. And if you tell them how Reaganomics really works and gets an economy off the floor into power mode, they want to know about it.
And that's what they imitate. They have a flat tax. Russia's had a flat tax since the days of communism. China has a much more favorable tax structure than the United States. China has sound money.
They have a fixed rate of exchange, Hong Kong dollar, currency board. These are all the principles of Reaganomics. If you want to grow big time in this world, in your major country, you imitate the supply centers.
All right. So I'm glad you brought up the book that you wrote because what is it that President Trump did that created this economic boom? And you've already said Reaganomics played a role in it.
But talk about some of the things that he was able to do in spite of Ryan, in spite of the Democrat opposition. But what were some of the things that he was able to do that just really exploded our economy? Arthur Laffer, who I work with closely, and I am writing a book right now called Taxes Have Consequences. And we just completed our chapter on Donald Trump's great tax cut of December 2017.
And Arthur Laffer had a lot to do with designing that. And we had the highest corporate tax rate in the world, in the developed world, when Trump came into office at 35 percent. And companies were just reorganizing themselves.
So their headquarters and their operations were out of this country. Ireland had a 12 percent rate. The United Kingdom was 25 percent and below.
Spain also. So we're just bringing up the rear against the old world. Donald Trump cut that by 40 percent from 35 to 21. And all of a sudden, all these businesses reorganized back in the United States. You saw a hiring boom, lowest poverty rate of all time, lowest African American unemployment rate of all time, median household income left by 10,000 bucks. And that was eight years into an expansion. Economists have never seen that before, that you have an acceleration in economic growth, a decade into an economic boom.
So it was epic. So tell me, you know, because I'm wanting to get this information from my audience, what's happening now? What is the Biden administration doing?
Are they changing all of that? Where are we at? Well, that's an interesting little problem because the stock market keeps kind of reaching for these all-time highs.
That was 35,000. Keep moving up. Gold is not really increasing. Maybe the cryptos are OK. So it seems like the markets don't think he's going to get very much of his agenda. And we keep seeing this infrastructure bill and this budget bill, but maybe he'll sign it in three months. But that's when the election cycle will start again.
I'm starting to wonder if Biden's going to get much of anything. OK, stay tuned. Don't go anywhere. Our guest is Dr. Brian Dimitrovic. We'll be back with Dr. Brian right after this. We're going to project for you what you can do to take advantage of where we are right now. How can you make some money in this in this landscape that we're in?
Where might you invest? We'll talk about some of that with Dr. Brian coming up right after this. I'm your host, Pastor Greg.
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I am in support of our military and believe that America should play a role in world security. I believe our Constitution was intended for a moral people and that the Bible contains the only true moral code. I believe we are all born sinners and that God in His grace and mercy sent His Son Jesus Christ to die for our sins and that if we will confess our sins, He is just and righteous to forgive us our sins and cleanse us from all unrighteousness. I believe salvation is not just accomplished in a little prayer but that it is found in how that transformation is lived out. Jesus is to be the Lord of our lives and we should follow biblical precepts. This is not legalism or works but a life lived out in love and honor towards the one who died for my sins. Faith without works is dead and is no faith at all. I believe that we will fall and that we need to have a repentant heart and that God will ultimately bring us into perfect action through Jesus Christ. Spirit man perfected and soulish man in progress. I believe that we are not to live in guilt and shame when we fall but we repent and get up and move closer to Jesus. I believe that if our nation will repent and turn from wickedness that God will heal our land.
I believe that as a Christian I must occupy until He comes and that to call evil wicked and to warn about those evil acts is a part of the mandated Christianity. That to love also means to be willing to take the risk necessary to confront a friend with the truth in hopes that their heart will be turned because their life matters. Even if it means in that moment they will possibly hate me. It means that I must risk scorn to stand for truth and that I can never sit silently by while evil attempts to conquer the world. God is my everything and Jesus is the love of my life. That does not make me weak but strong, not silent but bold and not fearful but courageous. Therefore if you are my friend while we may not fully agree know that I share what I share because I care.
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And welcome back to Children's Generation Radio where no topic is off limits, everything filtered through biblical glasses. My special guest is Dr. Brian Dimitrovic and you can get his book Econoclast, The Rebels Who Sparked the Supply Side Revolution and Restored American Prosperity. You can find that on Amazon. Use AmazonSmile if you would and put in Faith Harvest Church. AmazonSmile, Faith Harvest Church. By the way, there's only two left in stock. More on the way but only two left in stock.
That lets you know how that book is moving. Dr. Brian, we were talking about where can people go, what can they do, an action that people can take to help themselves economically in this. Talk to me about where you might advise people to look. Yes, as I say, I do notice that the stock market is kind of maintaining an all-time high, which means the general opinion of business people in the United States is that the future, the next 10, 15, 20 years is going to be pretty good. And I see the biggest opportunity in the biggest market in the world, bigger than stocks, bigger even than real estate, is the currency market.
And I think there's $6 trillion in currencies traded every day. I think that the cryptocurrency phenomenon is showing that creative destruction is coming for government money. Everybody hates fiat government money, dollar not tied to gold, the Federal Reserve. Nobody can stand that. If nobody can stand it, creative destruction will come and destroy it.
And we've seen that in retail with Amazon. We've seen creative destruction overcome newspapers with Google and everything. And we're going to see government money die on the vine in the next 10 or 20 years.
It's going to be replaced by crystals. So I think even now, people should have upwards of 1% of their money in things like Bitcoin. And Bitcoin is a piece of cake to buy. And we're not going to have government money by the mid-21st century. And you mentioned to me, and we won't have time to get into this now, obviously, but we'll get you back to talk about this, about the privatization of money and how money was privatized prior to 1913 and the Federal Reserve. Very interesting. The Federal Reserve? No.
No, I mean, that's brand new. Before 1861, before the American Civil War, the government didn't even print money. It was privatized. Individuals had printed money. They defined it against gold, and everybody thought it was great. Everything's up for revolution.
That was even the case for the 50 years before the Fed. And the public wants that, and it's going to get it back in the 21st century. All right. We'll be back with more hour number two straight ahead. Dr. Brian Dementrick has been our guest.
Thank you for being here. This is Adam Mundahl with State Air, and we are sponsors of Chosen Generation and Pastor Greg. Sponsoring this program has been a real blessing to our business, and I want to encourage you to join me in sponsoring Chosen Generation and Pastor Greg. Call him today at 830-446-3624. Once again, that's 830-446-3624. I know your business will be blessed as ours is, and I challenge you to this blessing. Thank you. I'm Adam Mundahl. See you next time.
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