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Former Reagan economic adviser, Art Laffer, has warned that the recent collapse of Silicon Valley Bank due to a banking crisis and government spending is a “long-term problem” that could hurt the Democrats in the 2024 elections.

Laffer argued that the bank’s situation was caused by the Federal Reserve’s poor monetary policies and the Biden Administration’s spending policies.

He suggested that sound money, free trade, minimal regulations, and tax rate reductions are needed to put the economy back on a sound footing.

Laffer also criticized Energy Secretary Jennifer Granholm’s recent comment about learning from China’s efforts to combat climate change, stating that China’s primary goal is growth and prosperity, not environmentalism.

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