President Trump will award the Presidential Medal of Freedom to economist Arthur Laffer, one of the pioneers of the idea that tax cuts can boost government revenue, the White House said Friday.
Mr. Laffer is one of the founding theorists of supply-side economics, a school of public economics that rose to prominence during the Reagan administration and returned to the fore in the run-up to the 2017 package of tax cuts that Mr. Trump signed into law.
The White House described Mr. Laffer as “one of the most influential economists in American history,” and said his “public service and contributions to economic policy have helped spur prosperity for our Nation.”
Trump likes Laffer so much he signed an experiment to determine whether tax cuts produce more revenue! And:
The Trump administration’s top economic advisers, including Treasury Secretary Steven Mnuchin and National Economic Council Director Larry Kudlow, have repeatedly claimed that that the tax cuts will pay for themselves, but the new report found that the tax cuts were responsible for only 5 percent or less of the growth needed to fully offset the revenue loss from the cuts.
But think of all the other benefits for ordinary people:
This raises the possibility that the Trump tax cuts won’t just be regressive but almost cartoonishly so. Consider this: According to a separate analysis by the left-leaning Institute on Taxation and Economic Policy, the Trump tax cuts will help corporations so much that foreign investors will get almost exactly as much money from them this year as the bottom 60 percent of American households combined.
Hopefully the Dow 36,000 guys will be next.