Arthur Laffer, the Ph.D. economist who created the Laffer curve and is sometimes called "the father of supply-side economics", can also take credit as the father of our massive public debt. The tax cuts (and subsequent revenue reductions) he inspired were not matched by decreases in government spending. And contrary to the claims of supply-siders, the tax cuts did not result in extraordinary economic growth. (See Table B-4. Percent changes in real gross domestic product from the Economic Report of the President.)
Oh yes
ReplyDelete