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Politics : Politics for Pros- moderated
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To: LindyBill who wrote (79705)10/22/2004 11:11:53 AM
From: SBHX   of 794098
 
Reaganomics or voodoo economics has the premise that lowering taxes puts money back in the hands of the people and though they depress tax revenue in the short term, over the long haul the people and businesses who are the foremost experts at using their own money can most efficiently put the money to good use.

This in turn fuels growth and that will in the end increase total tax revenue.

The idea was ridiculed by the Keynesians who rely on the government spending side of the GDP equation (and was somewhat discredited when things like liquidity trap and stagflation ruined their party). The approach to taxes and the idea of americans as entrepreneurs was the real Reagan legacy in economics.

In the end, it turned out Reaganomics was correct, and Milton Friedman (a brilliant economist with a real nobel prize [not the kind you give to conspiracy theorists]) had a few things to say about that.

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