If it attacks people at work and you pay people who don't work, don't be surprised if a lot of people decide not to work.

What causes inflation and how bad can things be if hyperinflation takes place in the states?

The rich people who have the money taken from them will produce a little less.

The poor people who have the money given to them also will produce a little bit less and you'll have a reduction in total income or output.

Ten-year bond yields are not high, gold prices have not risen and the dollar has not been depreciating in the foreign exchanges dramatically.

So what concerns you the most right now?

Don't make the benefits so attractive that you cause able-bodied people to stop working and now these people are not going back in the labor force because it's more attractive, being unemployed than it is actually going back to their old jobs.

By stealing from the rich, Robin literally made the poor worse off and that is the true story of redistribution.

You know, most people don't want to talk taxes, but I'm one of those weird guys that loves talking and learning about taxes and my guest today is an expert in that area.

I've had him on before three years ago in 2018, we're having him back here and again and that's Dr. Arthur Laffer, former member of President Reagan's Entrum's Economic Policy Advisor.

In 2016 he got the presidential, I think you got awarded with the presidential medal of freedom for his work that he did with the economy with that being said Arthur.

Thank you so much for being a guest on the entertainment.

My pleasure, Patrick, thanks for having me again.

Yeah, so from the last time you and I spoke, you know the Laffer curve you're driving down here for my place right now, my camera guy Paul's like I said, you know Arthur Laffer says, you know the only place I know Arthur Laffer from is from a movie.

I said, which movie he takes the video, you know which movie he's talking about.

Not really, but Ferris Bueller's day off.

That's the one he takes out with Ben Stein, he says, do you know I'm like you got to be kidding me, but to the person who doesn't know your background and how you became who you became Arthur, you might take in a minute and just kind of giving us your background.

Well, you educated Yale University undergraduate and Stanford MBA first and then I switched to every econ department got to be got my PhD in economics taught at the University of Chicago taught at USC.

I've been in government.

I was a George Schultz's right hand person in 1970 in the White House at first chief economist of the OMB when it was formed and obviously from then on over the last 52 years.

I've been involved with the Oval Office and the White House in Congress and other governments in Chile and Argentina and and in Britain all over the world in economics.

So political economics and then I wrote for a long time a lot for the Wall Street Journal and I've written books and academic stuff and blah blah blah.

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