Wall St. Journal: The subtitle of Arthur B. Laffer’s column is “Tariffs, rising state and federal taxes, and currency devaluation ruined the 1930s, and they could do the same today.”

The damage caused by high taxation during the Great Depression is the real lesson we should learn. A government simply cannot tax a country into prosperity. If there were one warning I’d give to all who will listen, it is that U.S. federal and state tax policies are on an economic crash trajectory today just as they were in the 1930s.

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