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It was 1982 Ronald Regan had just taken office and he and his advisors were ready to implement new economic policies based on supply-side economics Also called trickle-down economics the theory was that if we gave the job creators especially those within the top marginal tax bracket - a tax break then those savings would trickle down to workers This economic theory would go on to affect the course of US economic police for the next 30 years Since then weve gone through one of the greatest financial disasters since the great depression and weve seen the middle class shrink and struggle while the top 10 of the country are earning just as much as the bottom 90 The idea of that tax cuts for the wealthiest Americans will create more jobs and a stronger middle class has been proven false and the experiment known as trickle-down economics has failed The roots of supply-side economics can be traced back to the 1970s as a response to the Keynesian economic policies of the time According to proponents one of the benefits of enacting supply-side economic policies is that it will create more wealth for job producers which would allow them to hire more employees Another key principle of supply-side economics is the lessening of regulations The more regulations we have the more that businesses will have to spend to comply with those regulations thus the businesses will be less profitable Also the lower taxes will allow people to spend more which will further the need for production It sounds like a perfectly reasonable economic policy but in practice it has been and unmitigated disasterAs a direct result of the supply-side economics polices enacted in the last three decades the income gap between the rich and the poor is the widest it has been since the roaring twenties On top of that it didnt work according to Louis Uchitelle In the 1980s though during the
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