tv JFK and the Reagan Revolution CSPAN September 25, 2016 6:45pm-7:46pm EDT
national book award continues with andre and a look at the enslavement of native americans in the other slavery. american history professor documents the influence of the haitian revolution on abolition in the slaves cause. finally, heather and thompson reports on the 1971 uprising at new york's attica correctional facility in blood in the water. watch the announcement of the national book awards live on c-span2 on november 16. many of these authors have appeared or will be appearing on book tv. you can watch them on our website, booktv.org. >> you are watching the tv on c-span2. its television for serious readers. here's our problem primetime lineup for sunday night. starting shortly you will hear from cnbc and his coworker who discuss similarities between
economic policies of the kennedy and reagan administrations. then at 745 eastern, time magazine argues that the financial practices have led to the financial economic collapse have now spread to all of american businesses. representative dave bratt discusses politics and economics and that's on book tv "after words" at 9:00 p.m. eastern. at 10:00 p.m., margot recalls for african-american women who played an inter-goal part in propelling the u.s. to lead in the space race. we wrap up our sunday night prime time lineup at 11:15 p.m. with miriam horn with a look at conservation heroes of the american heartland. that all happens next on c-span to book tv. first up, here is lawrence and brian demetra beck.
>> good evening. my name is lenny and i want to know if you can hear me. we have an sound system. does it work well? >> oh great, wonderful. we are obviously thrilled, honored to be celebrating the publication of jfk in the reagan revolution. we have two co-authors with us, a man who needs no introduction and his co-author who is the
associate professor and chair of the department of history of the san hughes state university and the two of them worked on the book together and they will be talking about it together and we are so thrilled and honored to have your both here. thank you for coming. i should mention also, where he lives across the street and he is a regular customer here at the bookstore. he has been four years. that makes it so special and so personal. please join me in welcoming mary and brian. [applause] >> thank you very much. i appreciate it. are we on both microphones? we welcome c-span, by the way, thank you thank you for covering this. we appreciate it very much. i am larry kudlow and i'm a local and actually, when penguin
and random house started organizing -- which one? that works. this one doesn't sound great but will do what we can. penguin and random house said a while ago when we finally got this thing written and published, it's good good to have a couple local bookstores. i said aha, how about across the street. great idea. we've done tons and tons of media and people have been wonderful to us around the country. we had a lovely op-ed piece published in the wall street journal. this is my co-author and great friend brian. brian, by the way is either the cheerleader of the head of the. >> senior associate and longtime friend of mine. his prior book was all about the classic revival going on and he is a harvard trained historian,
in fact as i have said his history auger fee is really the glue that held the entire book together. what i want to do is just read a few excerpts from this thing get a feel for it and he will then speak on whatever he wishes to speak about. then we will enjoy some wine, cheese, whatever is out there. >> i want to just begin, the underscore, the under heading to today's op-ed piece that was published, returned to jfk's rising time model. kennedy and reagan both spurred growth through bipartisan tax cuts and that is just what is needed now. if you take away anything that you may disagree with me, i appreciate that, i love disagreement, i've been in the disagreement business for a long time, tv and radio.
i'm used to that. really, the very essence of this book is that first jfk and 20 years later ronald reagan both used lower marginal tax rates as well as the sound dollar to revive the economy. this is not something from the 18th century or the 15th century. this is from recent times in the 20th century. our argument is, we have experienced a long dry spell, the last 15 years, frankly under republicans and democrats of poor economic growth. very poor. that is one of the points we make. you can draw whatever conclusions you want to draw but our intent was not to write a politicized book. we don't really mention the
current election but we can learn a lot from history. one of the great things about history is when you forget history, you forget that john f. kennedy who i would argue was the greatest democratic politician in the last 50 or 60 years, jfk was in fact the first. [inaudible] he was the pioneer. you have to go all the way back to the 1920s. that was a long time ago. kennedy was responding to very poor economic growth during the eisenhower years were there were three recessions and kennedy felt having one by a cats whisker in 1960 that if he didn't produce growth, in fact he talked about 5% growth that he would lose in 1964.
he was looking around for things that would get the economy out of the recession. the unemployment rate was gradually increasing, up 7%. i will just read you a couple of excerpts in this book and i hope you get a flavor for what were talking about. fortunately we have a model to follow as we seek to return our nations economic growth. it is the jfk, ronald ragan model. it is getting the government restrained in fiscal and monetary policy. both kennedy and reagan identified substantially cutting income tax rate to getting the dollar strong and stable as a specific policy that without the private sector, which is to say the real economy, thrive. we need that. most of us are well aware that reagan was a tax cutter and he
had to deal with horrible stagnation of the 70s and 80s. some of us are even aware that bill clinton used some of that model to foster prosperity in the decade after ronald reagan with the republican congress where clinton cut tax rates and was a proponent of free trade which we think is part of the mix. however, what is generally not known or at least not remembered is what the subject of this book was about that president jfk in the early 60s not only used but largely pioneered the exact same model. he came to office during a period in which growth was only a little better than today's in his own presidency launched the greatest and longest economic booms in our history using tax
rates and a strong dollar. it was 5% economic growth. year between 1962 and when it ran out of gas and policies changed in 1969. if americans had known this history, we probably would have called tried to jfk policy mix years ago in our slow growth in the 2000's. we would've kept tax rates low and maintained a dollar and yet this history has been obscured. it is liberals and progressives as the tax rate are shockingly far right policy. they were never put into practice in the 1960s and failed in the 80s and could only work in a dream world. it was democrat committee who launched those policies. that by itself is a great factoid from this book.
>> let me read you just a couple of quotes. we were recording along radio interview and he actually found a tape with kennedy's boston accent. there was a great speech that kennedy made in december 1962, a very famous speech which really was the breakthrough of his new policies. in short, it is a paradoxical truth that tax rates are too high today and tax revenue is too low and the soundest way to raise revenue in the long run is to cut rates now. the reason is that only employment can balance the budget and tax reductions can pave the way to that. the purpose of cutting taxes now is not to incur a budget deficit but to achieve the more prosperous expanding economy which can bring a budget surplus.
that was jfk in 1962. okay, now, let me turn the clock forward in this history and ronald reagan comes into office. one february 18, 1981, 1 month into his presidency, reagan gave a speech to the nation and he announced he was seeking the 101010 tax rate cut. kennedys was roughly the same. now here's reagan, back when calvin coolidge got taxes across the board the revenues increase. when jack kennedy did it, his economic advisers were all telling him the government would lose revenue and the government gained revenue is the reality. they make quite a sizable financial error. his line about it was a rising
tide lifts all votes. this is what we believed the tax proposals that we have made our aimed at. that is reagan and almost the identical words of john f. kennedy. finally, last quote from reagan, can you cut taxes and fight inflation? i very much believe you can. let me just read you something. our true choices not between tax reduction on the one hand and the avoidance of large deficits on the other. restricted tax rates will never produce enough revenue to balance the budget. just as it will never produce enough jobs or even enough profits. here's reagan, john f. kennedy said that back in 1962 when he was asking for a tax decrease, cut in tax rates across the board and he was proven right.
>> we have a great time ready this book collaborating here in nd york city across the street. i just walked past uh kennedy analysis and then that is her he got the economic reports including the report that said don't you dare cut the tax rates he turned his back of that. and cannot give far from here but the law was corrected by a means of the evidence it was keynesian on the demand side and not the supply side of the line never understood that.
if there is to be a tax cut toward business incentives with the periphery for character. bello were bracket personal income would be sometime in the companion action would be understandable. member to deficit should be presented as the cause of tax reform. one is also very important at of currency needs one the government is allowed to straights to ride - - to rise.
studiously major he did it do jfk policy. going off the gold standard with the regulation of spending. said this is the interpreted passage. the assassination of november 63 has provided an enormous short-term boost to to the tax cuts passed in 64 assassination reso shockley that the opponents had to submit at least one goal of the respect the obvious choice was the tax cut. manhattan so in analog term after 1963 kennedy's absence
deprives the tax cuts from the enforcer virgo the cerebral towed he brought to the tax cut and the commitment to looking through those economic effects while i did cupboards of the international paradise. and the native ambition into costa to the credibility me to a one dash three i did the cabinet to see the tax cuts o had with kennedy got the mechanism keeps it strong. matter the federal quality of the prosperity is unleashed. it doesn't take johnson long
to abandon the policy he is associated with tran4 reasons relating to the war back with 70% bid began to i'd hit the dollar with a bipartisan. sub-index president nixon that i have met to many times walesa said to leave -- beat, you don't take of much of my economics? [laughter] he said dozer -- those are. so to impose massive regulations and so enable a partisan way bed democratic
republican who got a right and what and rolm sown now? i cannot answer that question my crystal ball is no better bet but doug dillon is very wealthy baker and of those investment banks of the york had just about as much money as joe kennedy and jfk to travel a very high social circles even higher than the kennedys. added to the treasury secretary. van den this case it was
muddy and social standing. good policy is in good policy. we just one america had to get moving again. less than 2 percent growth over a couple of decades with three reformer 1% it to take strong remedial action. to grow the economy at five or 6%. so kennedy and reagan have proof that they can be done. and now i believe that america with democracy that we can get it done. that is our story. we're happy to take your questions.
so there are other issues that were raised with federal policy with the intelligence and wit the disincentive to work. so i have the same argument. such to make a similar argument is the backbone of the economy. but it has gone down. why? growth. leggett said gigantic of portraits. if you want to see why people are cranky or preteen the nurse called dash pointing figures? i know with immigration but
it and nobody complains much. as they stop growing they complain to. >> i only is believed so to have a controlled recession but how was it working but then all of a sudden? >> a personal friend of mine. there is the caption of valid greenspan in our book he is and ought interest atopic 2002 had a binding convention. he said with all of the surpluses we actually
edition of future there isn't enough debt laugh laugh so the cascade to our word that gdp is getting that sad. but i am ready to believe actually that some of that economic stagnation was the survival mechanism with those governmental institutions. early that sprague notes anyone did their business. but sure enough the crisis came with another 150 years of life but one of the benefits is to clear out the fed's that is nonexistent.
>> as a friend of mine with the federal reserve chairman quentin news service for turns -- who served four terms of that is a statement of the abilities markets to function of lot of people blame the financial meltdown of 2008 of the old church easy and all churl low interest rates. and was partly responsible for. i think he made mistakes but he testified that the markets did not work the way we thought they would. i think he is now off getting his legs to realize
government regulation play a huge role. that is of our subjects or will not go deeper but those someone will service was free-market and also sounded monday. bodacious bod bbv people should not serve four terms. one or two is enough with. >> look. tpp is a good idea. but it has not been done properly.
but those trade barriers that are good. in with a couple of international board's that will not reflected in american electorate's to be used to decide issues and conflicts. i am sick. i want to be covered by the world court but by the institutions like the imf and world bank would like ph.d. and then to do more harm than good and i love
complex set wabash spee2. [applause] when i love what they just did parliament nabi democracy and freedom that is the icy edge. and that is the imf and the world bank. i am for free trade but i wanted to be covered properly with the american interest of democracy. >> what about the u.k. leading european union and? >> i am in favor of that. >> i came to work that will street that they replaced truman's parol one.
but said half but then you can use blue dash lewd called every year so when kennedy was via pleaded he would raise interest rates in the context the economic growth inspired by the tax cuts. i have listened to some telephone conversations that the fed has of martin and lbj and he folded when asked which is technically illegal. and the federal reserve chair is what she to the presidency served under kennedy. but paul volcker was appointed. >> but it is constant showboating.
>> i have written about that. >> when i was a child i worked for the federal reserve under paul volcker but as chairman he would not put up with that. but didn't want anybody to go. so that depends. pled have to his job. but paul volcker did that. but i don't agree with one of the candidates. and to make some of the stakes.
and they see the world. i don't know. to cut tax rates and opened the doors to trade the time is right to make it easier and better. >> is that the old normal? with today's formal the 25 fed funds and debating to move data through 50 begleiter 6% growth if we go back to the old marble clacks the higher rates you can see that play out because that works against you. >> del. o no. if we / tax rates and that is the business tax rates
then into straits will go up without any manipulation. >> bed in the eighties aged and '90s of great prosperity the average interest rate was 6% valid is one-half. with the reason they are lower today is the economy is terrible. stagnation that is one of the reasons they're said to control those rates. khan ecl bc. with those market controls a healthy economy.
the toppling percent today of market it, right where was 20,003rd 2005 smashed welfare 2% would that one reason we have a new dose of the kennedy reagan is said it will make people happier. and to enforce civil rights law to do emigration without challenging. so i get very into this because there is a clinical debate today to put the cart to before the horse. this is not small potatoes as real lives are at stake.
my friend says he is a kennedy democrat and reagan republican. [laughter] how about that? >> travis template. >> i am jokey has but i don't know if we have to go back to the gold reference point but i would personally your for. >> by the way to use a market economy to judge the value of the dollar. inflation is rising.
so what are the three things you would wish for? >> >> but actually donee to worry about spending that will naturally fall to get uh dollar stable with the regulatory rollback. if so the demand for the private sector is so great to jump off of welfare. get out of the bombing care. and it to me get this but
the share of ddt the deficits will come down but each point of growth one but that is close at $3 trillion to lower the deficit. but with my view the most important they to do is to slash those tax rates so that is a very good number 15 percent is a good start to get on that and it must be clearly rewritten. that is a right to.
so i edgar stand the deals must be enforced absolutely. free trade is not bad. you believe this and we work together for many years but americans should have the freedom to purchase the best quality goods of the lowest available prices anywhere and the world. if the chinese barrault and cheat or steal but as far as this point and that was a huge thing.
when you look at very stiff -- very statistical studies, the cause that is overlooked, in fact some of the northern european countries are paying taxes and deregulating and they said i don't resent you because of the media operation. i said fine, what do you want to dress, and he discovered social media and he gets rich and there
are 30,000 people who work for him who get rich. i'm fine with that. i have no problem with that. just give the rest of us a chance. that's why i think free market and capitalism is the best path for us. >> can you talk a little bit about the cuts and was that effective, was that a president that he used, and second, are you aware of anything in the u.s. or foreign countries in which you felt that tax cuts were not effective in spurring growth? is there any contrary precedent? >> about the coolidge tax cuts, that's in the 19th 20s. income tax rates went up 11 fold during world war i and by 1920, james is written about this so eloquently, by 1920, there
essentially was an investment strike in this country. there was no investment to be measured in housing and maintenance among many other categories while municipal bonds were selling like crazy because they were exempt from taxation. there was this big portfolio shift at the nations capital out of the economy into the public purse. so harding and coolidge under the guidance of the treasury secretary was reading the memos of his three treasure secretaries and they said you had created a monster of tax cutters and tariff cutters. then kennedy referred to that and dylan referred to it. they said we don't want to do that because it's the great depression of the 1930s tax cuts
that don't work, there there is the case of foreign countries that are really tossed by their exchange rate to the dollar. if the dollar goes like this all the time. they have a currency where they're trying to make a brave monetary policy, it can really neutralize the effect of good policy. there are examples, japan might even be one. some areas have low flat rate tax systems, but investment just doesn't move in the right direction because there's no guidance from the leader of world monetary policy, the united states. >> walter gave a speech about this, and said we have to move back to a rules -based monetary policy. we have neither.
they just had a g20 meeting and there was no headline coming out of the g20 meeting. more progress to solve global warming. >> i don't want to get into that but there may be reasons. >> the depressing issue for the g20 in economic terms was currencies. we are having currency wars breaking out, currency manipulations, we are as guilty and more so as anybody. that's what he is referring to. in the old days they would hammer out agreements, one of the agreements would last for half a century or so. we need to do that. >> how does productivity affect middle-class jobs?
>> i think the way we will know that the economy is incapable of creating a lot of jobs as if we have very low tax rates and really strong currency and little regulation. do we have those circumstances we should not look for other causes of our unemployment problems. i fully expect there to be an abundance of jobs when we get tax cuts. >> there's an argument floating around about this, i just don't like it. the basic argument is, advanced high-technology breakthroughs, along with the automation that goes with that is bad for the economy and jobs. here's a case where they should look back at history. every time we've had tech breakthroughs in this country, we had one after the civil war with the railroads and so forth, the 1920s were full of technology breakthroughs,
electricity radio and so forth. the 1950s had some examples in our book about breakthroughs, intel and most famous was the 80s and 90s. employment exploded. now you no, at the turn of the last century. [inaudible] accept that. on the other hand, henry ford and the rest of them created tens of millions of jobs for products that were cheap enough for tens of millions of more people to buy cars. think of that. >> they moved the whole country from the farms to the industry and we did great. microsoft, apple, they are huge
companies, people forget that despite that the only person getting rich was built jobs. nonsense. i don't want to be offensive here, but i used to travel that route. now, he probably has more millionaire. capita than any place in the world. why? so there may be patches of this but robots are not going to take over the world, give us economic freedom and great things will happen. i just bet on it. economic freedom produces great things. so does political freedom. >> one more question. >> well, you are very kind to join us. we are very grateful.
[applause] >> here's a look at some books that are being published this week. science writer floors the concept of time travel. susan quinn looks at the relationship between first lady eleanor roosevelt and associated press reporter. fox news contributor explains what he perceives to be the dangers posed by russia's president in vladimir putin's master plan. professors examine how american presidents have approached declarations of war. and then a look at what drove prominent universities to start admitting women in, keep the
damn women out. former danish prime minister argues that president barack obama has skirted america's responsibility as a global leader in the will to lead. look for these titles in bookstores this coming week and watch for many of the authors in the near future on book tv, c-span2. >> it's surprisingly hard for the media to debunk some of mr. trump's statements. in ways of which the people will believe those statements will find convincing. one of the things i talk about in the book is about a movement which is essentially a reaction to. [inaudible] based on reason and is most
happy where arguments can be based on evidence in fact. the reaction to that which is part of the broader romantic reaction, we said no, will wait talk to each other what matters most is identity and solidarity with the community. what matters is my relationship to you. it very quickly becomes further key in this, in association with authentic language we could mention where we talk honestly. i think being authentic, that's in the eyes of the beholder. people who struggle to appear authentic and who want to
leverage or exploit the idea of authenticity, this is the 19th century and famously across germany and italy, i sent a schism become central to their appeal and they tried very hard to distinguish themselves in the way they speak then traditional, rational politicians. so they focus much more on stories about us and them. i'm not yet like you, i'm not like a politician, i'm like you, like you, i speak like you, i understand what you're going through. together we can ward off the threat from them, whoever that might be. today them might be the elites.
>> but they today might be the at ali. [inaudible] and us are the honest hard-working middle-class who have been left behind by globalization whose contribution to the country are not properly rewarded or accepted or understood and whose values are being undermined by political correctness, you don't even have to mention the phrase and you have the cheering. in that context, what mattered to audiences is the story ringing true because what the
speaker is saying is does it feel emotionally true. if it feels emotionally true, it's a factual alley whether it's literally true or not mehmet not matter as much. i think debunking, fact checking and debunking individual statements by donald trump may well absolutely convinced the readers of your newspaper or the viewers of c-span, but they never believed him in the first place. those who do believe him, they think it's the elite media trying to shut donald trump up or damage him because he's telling the truth. >> you can watch this and other programs online booktv.org. >> tv records hundreds of author programs throughout the country all year long. here's a look at some of the events will be covering this week. on monday, they look at the
political divide in america. she was recently named a finalist for the national book award for nonfiction. on tuesday at powell's bookstore in portland oregon, to mark the annual band book week, a panel of authors will discuss books i have been challenged due to their content. wednesday as part of george mason university, former newsweek senior writer will provide a history of mental health. thursday, susan quinn will examine the 30 year relationship between first lady eleanor roosevelt and llerena. saturday in philadelphia, bradley bursar will receive this year's book award which recognizes the best book that advances conservative principles for his recent biography of russell kirk. next sunday we were live with author on in-depth ande