Arthur Laffer, one of the more prescient economists of our time and an adviser to President Ronald Reagan, has been a longtime proponent of keeping money in the hands of those who earn it because they are best able to spend in ways that stimulate the economy. In recent years he has been increasingly critical of the monetary policies of the White House and Congress, culminating in the release this year of his latest book, which he describes as a roadmap for the United States' return to economic prosperity.

A one-time resident of California who now lives in Tennessee, Laffer visited the Golden State on Thursday night to address over 400 attendees of the Pacific Research Institute's annual dinner in San Francisco. I caught up with Laffer before the dinner to get his analysis of the economy as we move into 2011.

The usually optimistic Laffer earlier this year predicted prospects for economic recovery as grim in the near term – especially with the pursuits of the Obama administration – forecasting a bigger economic crash in 2011 in the form of a double-dip recession. The results of the Nov. 2 election have caused him to favorably modify his opinion.

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