Laffer Curve Napkin

Description
In 1974 economist Art Laffer sketched a new direction for the Republican Party on this napkin. Displeased with President Gerald Ford’s decision to raise taxes to control inflation, four men got together at a Washington, DC restaurant to think about alternatives. Laffer was joined by journalist Jude Wanniski and politicians Dick Cheney and Don Rumsfeld. Laffer argued that lowering taxes would increase economic activity. Wanniski popularized the theory, and politicians Don Rumsfeld and Dick Cheney carried it out.
The cloth napkin was taken as a souvenir by Jude Wanniski. The napkin reads “If you tax a product less results/If you subsidize a product more results./We've been taxing work, output and income and subsidizing non-work, leisure and un-/employment./The consequences are obvious!” with an image of the laffer curve in the middle. The bottom of the napkin reads To Don Rumsfeld/at our Two Continents/Rendezvous/ 9/13/74/Art B. Laffer"
Object Name
napkin
date made
1974-09-14
Physical Description
white (overall color)
Measurements
overall: 15 in x 15 in x 1/8 in; 38.1 cm x 38.1 cm x .3175 cm
place made
United States: District of Columbia, Washington
ID Number
2013.0041.01
catalog number
2013.0041.01
accession number
2013.0041
subject
Industry & Manufacturing
American Enterprise
See more items in
Work and Industry: Production and Manufacturing
American Enterprise
Exhibition
American Enterprise
Data Source
National Museum of American History, Kenneth E. Behring Center
Credit Line
Gift of Patricia Koyce Wanniski
depicted
Sewer, Andy; Allison, David; Liebhold, Peter; Davis, Nancy; Franz, Kathleen G.. American Enterprise: A History of Business in America

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