Economists long ago gave up on the idea of Trickle down economics, or the idea that you cut taxes on the rich to spur economic growth, and this growth at the top will trickle down to the bottom. Even many Republicans have turned on the idea, including David Stockman, who was President Reagan’s budget director. But now one prominent Republican elected official – Bobby Jindal, Governor of Louisiana – has publicly disagreed with the theory.
Here’s the story from Business Week.
This is certainly a good thing for sanity in public policy, though it might be a bad thing in electoral politics. Only time will tell.