America's experiment with quantitative easing hasn't produced economic benefits, but that hasn't stopped others from trying, says economist Art Laffer.
"What happens when these bad economics get into play, they spread the world over," the former economic adviser to President Ronald Reagan said Wednesday on Fox News Channel's "Your World with Neil Cavuto."
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"I mean, bad economics is the most tradeable product in time and space imaginable."
Laffer pointed out that neither Japan nor the Eurozone have seen any better than the moderate success of the United States by trying quantitative easing, which essentially is printing money.
"These policies don't work. I've never heard of a poor person spending himself into wealth," Laffer said.
He said the only reason the United States is experiencing a modest recovery is that President Barack Obama's stimulus dollars are drying up.
With a Republican House and Senate set to control Capitol Hill for the last two years of Obama's term, Laffer said he expects more robust growth over the long term as the GOP Congress refuses to grant Obama more stimulus spending.
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