Who was Ronald Reagans Economic advisor that gave us

[freetobegay]

Trickle down economics? Anyone remember?

[KT2000]

1. David Stockman

He even admitted that it was bogus.

[freetobegay]

2. Thanks!

[I thought so.]

3. Art Laugher.

He had the Laugher curve. It was all B.S. as we all found out.
The idea was that if rich people paid less tax,they would "invest" and "create" jobs. No jobs were created. The rich got richer according to the real plan. The rest of us got swindled.

[RoyGBiv]

5. Bueller...

Bueller... Bueller...

[I thought so.]

6. Sorry.

Whatever are you talking about? How about a clue.

[RoyGBiv]

8. Ferris Bueller...

Sorry...one of those pieces of popular culture that I sometimes forget isn't popular with everyone. If ya haven't seen it, it makes no sense.

The teacher played by Ben Stein who calls roll "Bueller, Bueller" talks about the Laffer Curve in one of his famous scenes:

Economics teacher: "In 1930, the Republican-controlled House of Representatives, in an effort to alleviate the effects of the... Anyone? Anyone? ...the Great Depression, passed the... Anyone? Anyone? The tariff bill? The Hawley-Smoot Tariff Act? Which, anyone? Raised or lowered? ...raised tariffs, in an effort to collect more revenue for the federal government. Did it work? Anyone? Anyone know the effects? It did not work, and the United States sank deeper into the Great Depression. Today we have a similar debate over this. Anyone know what this is? Class? Anyone? Anyone? Anyone seen this before? The Laffer Curve. Anyone know what this says? It says that at this point on the revenue curve, you will get exactly the same amount of revenue as at this point. This is very controversial. Does anyone know what Vice President Bush called this in 1980? Anyone? Something-d-o-o economics. "Voodoo" economics."

[Jackpine Radical]

10. I don't know if your spelling is a deliberate double entendre, but

it was actually spelled "Laffer."

[Mayberry Machiavelli]

12. "Leisure Suit Larry" Laffer? Actually, it's Art Laffer, and here's his

Patented Cocktail Napkin "Laffer Curve".

[whistle]

4. Actually, David Stockton was Reagans budget director...

...and he was appalled at the application of the "Trickle-Down" principles. The real voo-doo economic advisors were three advocates who have pretty much been discredited by the mainsteam of economic thought.

Supply-side economics is a school of economic thought popularised in the 1970s by the ideas of Robert Mundell, Art Laffer and Jude Wanniski. The term was coined by Wanniski in 1975. In 1983 economist Victor Canto, a disciple of Arthur Laffer, published "The Foundations of Supply-Side Economics".

Supply-side economics although proven to be totally bogus in its claims, never-the-less is what we now have because it clearly benefits the wealthy at the expense of the middle class and the poor.

<more>

http://www.rationalrevolution.net/trickle_down.htm

[The Backlash Cometh]

7. The story is that he wrote the idea on the back of a cocktail napkin.

Sounds like he's a perfect applicant for Bush II's staff. I hear there's going to be openings soon.

[Don_G]

9. Don't Forget His Treasurer Of The US

Convicted of Federal Income Tax evasion.

[Ilsa]

11. I believe Stockman also got into trouble for saying

something like this: we don't know where are these numbers are coming from. This budget is so big, we don't know what we are doing and there is no controlling it...blah blah blah.

(I don't remember the details, just the essense of his comments.)