The Demand Side Politics of Supply-Side Economics
Following Jon Chait, Matt Yglesias writes:
…the central element of the Republican Party’s tax policy — lower taxes
rates will lead to higher tax revenues — is a discredited crackpot
notion.
Fine, but a more fruitful question which I’d like to see Yglesias, Chait and others grapple with is why discredited, crackpot ideas can become central elements of a winning political party in the world’s most important democracy. Explain the demand side and give us your policy prescriptions.