Leftist writers have lately been making snide attacks (on some university campuses, it could be regarded as hate speech — if it were coming from the other side) on those who adhere to supply-side economic principles. In today’s WSJ, Stephen Moore (one of those people who has been vilified) calmly replies that supply-side theory has done wonders for countries around the globe. You can read his article here.
I don’t think that the supply-side folks have done enough to explain the necessity of spending restraint — without which, it doesn’t matter much how the state collects its revenue — but the leftist alternative of neither taxing nor spending restraint is a recipe for long-term economic erosion.
