President Donald Trump will award the Presidential Medal of Freedom on Wednesday to the creator of supply-side economics, Art Laffer, according to The Guardian.
Laffer has been called the godfather of Reaganomics and trickle-down economics. Some economists do not think Laffer deserves the award and have attacked his economic theories.
Laffer is famous for his “Laffer Curve” that shows where tax revenues are maximized on the curve between tax rates and taxes collected by the government. The economist has come under fire for writing Trumponomics, a book praising the economics of Trump, though Laffer has declined offers to join the Trump administration.
Some economists disagree with Trump’s decision to cut taxes, a decision based on Laffer’s theories and one most Americans are enjoying. Laffer’s curve shows that there is a tipping point that can maximize people’s incentive to work while still taxing a significant amount. This theory also led to tax cuts under the Reagan administration.
Some economists are miffed that Laffer will receive the award for a theory that they claim does not work. Large tax cuts mainly benefit the wealthy, and they argue that this added cash in the hands of the wealthy does not “trickle-down” to the average American.