Causes of the European debt crisis historian Robert Skidelsky added that it was indeed excessive lending by banks, not deficit spending that created this crisis. Government's mounting debts are a response to the economic downturn as spending rises and tax revenues fall, not its cause. Either way, high debt levels alone may not explain the crisis. According to The Economist Intelligence Unit, the position of the euro area looked "no worse and in some respects, rather better than that of the US or the UK." The budget deficit for the euro area as a whole (see graph) is much lower and the euro area's government debt/GDP
Arthur Laffer on the "Board of Scholars" of the American Legislative Exchange Council (ALEC). Laffer was one of four economists who acted as advisors to Donald Trump's successful 2016 campaign for the presidency of the United States. Laffer was born in Youngstown, Ohio, the son of Marian Amelia "Molly" (née Betz), a homemaker and politician, and William Gillespie Laffer, a president of the Clevite Corporation. He was raised a Presbyterian, and graduated from University School high school in 1958. Laffer earned a B.A. in Economics from Yale University (1962) and an M.B.A. (1965) and a Ph.D. in Economics (1972) from Stanford University.