Trump and Reagan economist Laffer calls the US the 'tallest midget in the world economy'

Reagan economist Arthur Laffer calls the United States the "tallest midget in the world economy" when discussing growth rates. 

"It's impossible to underestimate the decline of Russia," Laffer said on the Monday edition of the "Just the News, No Noise" TV show. "Europe is in decline. China's growth rates are trending way off. Japan has all but disappeared from the world scene. So we're probably the the tallest midget in the world economy."

Laffer did give Biden some credit in terms of recent reports on inflation going down.

"The jobs numbers are terrific for Biden," Laffer stated. "They really are. That's just the establishment survey. The household survey had over 800,000 new jobs. If you look at inflation, it's coming down quite substantially."

The Ronald Reagan economist went on to make a prediction of how much more inflation was going to go down.

"My guess is it'll get down to at least two or 3% in the next four, five or six months, because a lot of the old numbers that are dropping off the index are going to disappear," Laffer explained. 

According to Laffer, Biden's challenge will be upping growth rates for the United States. 

"What's really shocking to me is that we should be growing at three to 4% per annum, and we're not, which is the real problem," he concluded.