Greed isn’t Good: Why Supply-Side Economics Doesn’t Work

Despite his numerous gaffes, including but not limited to offending foreign allies, calling 47% of Americans freeloaders, suggesting that airplanes need windows that roll down and blaming Obama for the unrest in the Middle East that resulted in the death of Ambassador Christopher Stevens, Mitt Romney is still reasonably close to President Obama in the polls.

The main reason why Romney is still in the race (apart from bias of the electorate) is that he is being portrayed as the candidate with a plan for economic recovery. The problem I have with Romney’s economic plan is that there’s no detailed plan in place. However, we know the basic of the Romney plan. It will involve tax cuts for the rich and corporations and government spending cuts to balance the budget. This is called supply-side economics. Recent history shows that supply-side economics don’t work. Continue reading