We traded stagflation for income inequity in the 1970’s and supply-side proponents keep trying in spite of CBO reports indicating failures.
" ….
Some contemporary economists do not consider supply-side economics a tenable economic theory, with Alan Blinder calling it an “ill-fated” and perhaps “silly” school on the pages of a 2006 textbook. Greg Mankiw, former chairman of President George W. Bush’s Council of Economic Advisers, offered similarly sharp criticism of the school in the early editions of his introductory economics textbook. Mankiw wrote in June 2017:
Tax cuts rarely pay for themselves. My reading of the academic literature leads me to believe that about one-third of the cost of a typical tax cut is recouped with faster economic growth.
In a 1992 article for the Harvard International Review, James Tobin wrote:
[The] idea that tax cuts would actually increase revenues turned out to deserve the ridicule […]
The extreme promises of supply-side economics did not materialize. President Reagan argued that because of the effect depicted in the Laffer curve, the government could maintain expenditures, cut tax rates, and balance the budget. This was not the case. Government revenues fell sharply from levels that would have been realized without the tax cuts.—Karl Case and Ray Fair, Principles of Economics (2007), p. 695
We traded stagflation for income inequity in the 1970’s and supply-side proponents keep trying in spite of CBO reports indicating failures.
" ….
Some contemporary economists do not consider supply-side economics a tenable economic theory, with Alan Blinder calling it an “ill-fated” and perhaps “silly” school on the pages of a 2006 textbook. Greg Mankiw, former chairman of President George W. Bush’s Council of Economic Advisers, offered similarly sharp criticism of the school in the early editions of his introductory economics textbook. Mankiw wrote in June 2017:
Tax cuts rarely pay for themselves. My reading of the academic literature leads me to believe that about one-third of the cost of a typical tax cut is recouped with faster economic growth.
In a 1992 article for the Harvard International Review, James Tobin wrote:
[The] idea that tax cuts would actually increase revenues turned out to deserve the ridicule […]
The extreme promises of supply-side economics did not materialize. President Reagan argued that because of the effect depicted in the Laffer curve, the government could maintain expenditures, cut tax rates, and balance the budget. This was not the case. Government revenues fell sharply from levels that would have been realized without the tax cuts.—Karl Case and Ray Fair, Principles of Economics (2007), p. 695
…"
https://en.wikipedia.org/wiki/Supply-side_economics