"The central concept of supply-side economics is that tax cuts cause economic growth. Tax cuts allow entrepreneurs to invest their tax savings, which creates higher productivity, jobs and profits. This, ironically, allows the entrepreneur and his new workers to pay even more taxes, even at lower rates.
The supply-side idea is a simple one, and makes a popular political message. However, it is interesting to note that mainstream economists -- even conservative ones -- almost universally
reject supply-side theory.
The Rosy Scenario failed to materialize. The economy did not grow out of its deficits.
In 1986, Washington and the rest of the nation would again be surprised when (David) Stockman confessed all in a book entitled The Triumph of Politics: Why the Reagan Revolution Failed."