Supply-Side’s Arthur Laffer Helped US Pivot from Austerity to Prosperity

Superheroes are real. Rare, but, once in a blue moon, real. “The Emergence of Arthur Laffer: The Foundations of Supply-Side Economics in Chicago and Washington, 1966-1976” by historian Brian Domitrovic is the secret origin story of one of these rara avis, Dr. Arthur B. Laffer.

Darkness has descended over the origin of the prosperity generated during the Reagan/Clinton era. Domitrovic here casts light.

The Establishment’s groupthink has almost obliterated from the collective memory the fact on the day in November 1979 that Ronald Reagan officially declared for the presidency the Dow Jones Industrial Average was at 814. Now it’s over 34,000 (not adjusted for inflation or population but … you get the gist). Americans are now almost twice as wealthy than we were in 1979, real per capita GDP rising from $30,000 to nearly $60,000.

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