Voodoo Economics


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Related to Voodoo Economics: Reaganomics

Voodoo Economics

A derogatory term for supply-side economics, which is a macroeconomic theory stating that a government can best promote growth by providing incentives for persons to produce goods and services. The primary way a supply-side oriented government does this is by maintaining low tax rates so that investors and entrepreneurs may use their money for production. Maintaining low tax rates on the wealthy is one of the most important and controversial aspects of supply-side economics; the theory states that well off persons have the capital available to produce goods and services and thereby create jobs and grow the economy. Critics contend that this does not happen in reality, and that the wealthy are more likely to keep, rather than invest, their money. It is also known as Reaganomics, and acquired the name because it was crucial to the economic policies of the administration of U.S. President Ronald Reagan. See also: Keynesian economics, Monetarism, Trickle-down economics.
References in periodicals archive ?
As I said, it is voodoo economics, but unlike the strain proposed by former President Ronald Reagan that is now being promoted by the Republicans in Congress - that large tax cuts will pay for themselves - this new strain threatens us not with financial, but with moral bankruptcy.
Scotland is certainly going to be run over now, and Wales, and the north-east and west of England, indeed all the post-capitalist wastelands where voodoo economics were tested to the destruction of the industrial base last time the Tories lorded it over us.
Smith sent advance copies of his forthcoming new book, "The Alleged Budget Surplus, Social Security, and Voodoo Economics," along with many other research findings to Gore through multiple channels to make sure that at least some of the material got to him.
Now it's as clear as ever: Snake oil remedies are still snake oil, and voodoo economics is still voodoo economics.
What seems to rankle Kolko above all else is the appearance among the old Leninist faithful of a species of voodoo economics, Marxist style.
Nowadays a football manager is obliged to be involved in the dark arts of debentures or the conniving politics of voodoo economics.
were more modest - they stuck to changing the laws of economics with trickle down voodoo economics, promised that would make the federal debt disappear; instead it quintupled the debt.
I have argued in the pages of The Washington Post, and in my book Self-Inflicted Wounds--From LBJ's Guns & Butter to Reagan's Voodoo Economics, that American mistakes at the highest levels of government, corporate, and labor power are responsible for this unhappy result.
He had claimed that the IMF endorsed his voodoo economics.
I appeared on CNN with Lou Waters to discuss my then newly published book, 'The Alleged Budget Surplus, Social Security, and Voodoo Economics,' but I didn't make much progress with Waters.
The MTA has long practiced voodoo economics to keep the bloated agency afloat and to protect the few at the expense of the public.