‘Economic Witchcraft’
- Share via
Your editorial did not mention the other side of the equation that comprises supply-side economics.
When Art Laffer drew his famous curve on a napkin in a restaurant in Washington, he stressed both sides as more or less of equal importance. Of course the easiest part to put into effect, legislatively, was a tax reduction. This tax reduction has the exact effect that Laffer projected, i.e greatly spurring economic growth.
The second part of supply-side economics, which Laffer also stressed, was to eliminate transfer payments to the upper and upper middle class (goodies if you will) to bring federal revenues and expenditures below 20% from 2 or 3 points above 20%. Had this been done we would have a more or less balanced budget today.
The nature of the legislator is to a great degree the root cause. The legislator in general is so busy trying to fit the pieces together that they cannot see the big picture. Fortunately, we have two individuals like Rep. Jack Kemp (R-N.Y.) and Art Laffer who indeed can see the big picture.
ROBERT E. BOLMAN
San Luis Obispo
More From the Los Angeles Times
Podcasts
Taped Jan 8, 2026, a year after the Eaton Fire, this episode features Ondi Timoner. After losing her home, she began documenting the displacement and financial struggles of her neighbors, joining My Tribe Rise to help Altadena rebuild and recover.
Attorney Frank Carson defended the accused for decades. Framed for murder and later acquitted, a star witness admitted he lied. Stanislaus County paid $22.5M to settle his estate’s lawsuit.
Hear from the winner of the 1968 Caltech vs MIT electric car race. But it’s not all fresh air: smog devastates communities of color, and the Trump administration may pull the plug on California’s ability to clear its own air.
