VooDoo Economics (Reaganomics)

Since I am the history major, I couldnt stop thinking of Voodoo economics during class today, while we were talking about Classical economics. This is in reference to President Reagan's economic theory, which is in line with what some Republicans still think is the best policy. (Read: Dick Cheney) It was coined when George Bush ran against Reagan in the 80's, when Bush accused Reagan of using "Voodoo economics" to trick the people and other countries into thinking the United States was really financially stronger than it was. For instance, he tried to include the Social Securit funds in the government surplus, which would have made it artificially high. He also proposed a cut in tax rates which would lead to an increase in tax revenue, and thus not increase the government deficit. Which is also known as the Laffer Curve effect. In the 90's during the Clinton administration, this method popped up briefly once again, and even lead to a greater support for a flat tax.....but thats another subject for another time.