He thinks the U.S. will dodge a recession. Click here . Note this interesting paragraph:
. . . And these companies pay a colossal fortune in taxes. Exxon Mobil is a perfect example. Over the last three years, Exxon Mobil has paid an average of $27 billion annually in taxes. $27 billion! As my friend, economist Mark Perry, points out, while corporate profits receive a lot of media attention, the corporate taxes paid on these corporate profits are largely overlooked. Dr. Perry also points out that Exxon Mobil pays as much in taxes annually as the entire bottom 50 percent of individual taxpayers — a full 65,000,000 people.
The choice is clear: Jimmy Carter-style big-government spending, taxing, and regulating all over again. Or supply-side free-market capitalism that can endure the inevitable negative shocks, shorten the cyclical downturns, and fuel the engines of economic growth.