Word: wanniski
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Dates: during 2000-2009
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...saga that began in a bar near the White House on a December afternoon in 1974. Huddled at a meeting arranged by Wall Street Journal editorial writer Jude Wanniski were Cheney, then the deputy chief of staff to Republican President Gerald Ford, and Laffer, who was teaching at the University of Chicago's business school after a stint in the Nixon White House. In trying to explain to Cheney why a tax hike mooted by the President might not be such a great idea, Laffer drew a chart on a napkin that showed government revenues increasing as the tax rate...
...rates brought diminishing returns was not controversial or even new--Laffer traces it to 14th century Muslim philosopher Ibn Khaldun. But few economists in the 1970s even considered that real-world tax rates could be on the wrong side of the Laffer Curve. Laffer thought they might be, and Wanniski argued on the Journal's editorial page and elsewhere that they almost certainly were. The claim became a key plank of Ronald Reagan's successful 1980 campaign for President...
DIED. JUDE WANNISKI, 69, conservative journalist who, as an editorial writer for the Wall Street Journal in the 1970s, coined the phrase "supply-side economics" for the theory, later embraced by Ronald Reagan, that tax cuts spur production and growth; of a heart attack; in Morristown, N.J. A tireless publicity hound, he went on to advise G.O.P. candidates and write the economics tome The Way the World Works, prompting fellow conservative George Will to write, "I wish that I were as confident about something as he is of everything...