Supply side economics or “trickle-down” promoted be Mr. Arthur Laffer and others, is a known failure for America. This ideology has dominated economic thinking and activity since the eighties. Supply side has distorted most everything economic and created damaging bubbles. Now, with all the data available for just this century, you would think there would be no doubters in the failure of supply side. Yet, it lingers because supply side, naturally, serves the philosophy of Wall Street. And Wall Street still owns the political process.
DeTocqueville, in one of his brilliant analysis, discusses results of various economic philosophies and the advantages of not having a top-heavy economy. Among the virtues of America is that we have not practiced a policy of favoritism, until “trickle-down”.
“Trickle-down” says free up the “job creators” i.e. the corporate wealthy and they will take care of everyone else. This has not worked according to theory. The wealth has stayed at the top. Plenty of statistics prove that result. Even had “trickle-down” worked as drawn up it would have been wrong and un-American as it would have necessitated tax and other advantages for a select soci-economic grouping.