WASHINGTON (AP) - President Donald Trump is set to award the Presidential Medal of Freedom to economist Arthur Laffer, who co-wrote a book about him.
The White House made the announcement Friday.
Laffer is known as the father of supply side economics, which gained popularity under President Ronald Reagan in the 1980s.
His theory, the “Laffer Curve,” establishes the concept that lower tax rates spur economic growth, jobs and investment. A number of economists disagree and do not believe that cutting taxes spurs growth.
Reduced taxes under Reagan led to higher budget deficits. In 2012, Laffer advised Kansas to slash taxes for the state’s top earners to jump-start its economy. Instead, the state ran up significant deficits.
Laffer, 78, has been supportive of the president and co-wrote a book titled “Trumponomics: Inside the America First Plan to Revive Our Economy.”
The medal is the nation’s highest civilian honor. It will be awarded June 19.
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