He became the hero of corporate America and all those who believe that government should keep its nose out of the economy and let an unregulated marketplace control the people's destiny.
It was Friedman who legitimized the economic theory that came to be known as Reaganomics, the Ronald Reagan blunder that threw America into the throes of debt under the ludicrous assumption that you could cut taxes, increase military spending and the results would "trickle down" to the country's workers as the economy soared.
We're going through the second incarnation of this policy with the current occupant of the White House.
I just wrote about 'trickle down' or 'supply side' economics today, so the editorial struck a chord. Zweifel's a good writer, so check out the whole piece.
Tags: news politics economy financial taxes
