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The little-known report of how JFK pioneered supply-side economics. Who developed supply-side economics - the idea that cutting taxes rates can result in more progress, more prosperity at all income levels, and even more tax revenue moving into the IRS? A lot of people would credit the monetary team that suggested Ronald Reagan in the late 1970s and early on 1980s. But in fact supply-side economics emerged of age two decades earlier. And the first leader who embraced it was one of the biggest symbols of the Democratic Get together - John F. Kennedy. As Larry Kudlow and Brian Domitrovic describe, this can be an inconvenient fact for both celebrations. Liberals hate the idea that JFK efficiently pioneered an monetary principle that has been a core part of the GOP system. And conservatives hate to acknowledge that their hero, Reagan, grabbed one of is own most successful insurance policies not only from a Democrat but from a Kennedy. So neither part has much motivation to discuss the tax fights inside the Kennedy supervision. In the blow-by-blow narrative of those years, the writers reveal how JFK set up Keynesian advisors, and then reject their programs for loose money and big spending. Instead Kennedy embraced ideas advanced by the non-Keynesians on his team of competitors and drew upon his own deep reading of history to opt for tax slashes and a recommitment to the precious metal standard. Here we meet a remarkable solid of Kennedy administration characters, especially Treasury Secretary Douglas Dillon, the token Republican in JFK's cupboard. Dillon's competitors, such as liberal economists Paul Samuelson, Robert Solow, and Wayne Tobin, strove to stifle the push to lower the high taxes rates - including an amazing 91 percent top rate on the wealthiest earners - that were damaging the current economic climate. Once JFK became convinced of the power of tax slashes, he placed his surface against the Keynesians. So that as Kennedy made his case for the taxes cut, the current economic climate took off. After the assassination, Lyndon Johnson finally authorized the tax-cut laws, in Feb 1964. The next economic boom sent the greatest success the nation experienced ever seen. JFK and the Reagan Revolution can be an eye-opening look at one of the most important yet least understood shows in American monetary history. It unveils the low-tax tradition within the Democratic Get together, one which the Republicans at last made their own only with Reagan.
