In Washington mythology, it was his sketch of a diagram on a restaurant napkin that inspired the tax-cut philosophy underlying Reaganomics. Now, in the current issue of The New Republic, Arthur B. Laffer, creator of the famous "Laffer curve," has announced that he is voting for Bill Clinton.
Is this philosophical apostasy? Not at all, says Laffer. Rather, he blames the 1990 tax hike for the current recession, and Bush for acceding to it and breaking a personal promise not to countenance any reversal of Reaganomics.
As for Clinton, Laffer finds his record in Arkansas "above average," and he likes his criticism of Bush on the tax hike and his fond words about growth. Most of all, Laffer notes that if Clinton "strays too far from the straight and narrow" (which presumably means reverting to tax-and-spend policies), the resulting economic dislocations would guarantee the election of "a great Republican Presidency in 1996."