Supply-Side Amnesia
Would the tax-reform package that the US Congress will debate this fall yield a net benefit for all or most Americans, or would it be a handout to the super-wealthy? The question itself is dismaying, because Americans learned the answer more than 30 years ago.
BERKELEY – In the spring of 1980, Harvard University economist Martin Feldstein taught (alongside Olivier Blanchard) one of the best macroeconomics classes I ever took. Two and a half years later, Feldstein joined US President Ronald Reagan’s cabinet, where he chaired the Council of Economic Advisers until July 1984.