Wow! What an election night!
Kansas Governor Sam Brownback was re-elected Tuesday. Of course, MSNBC can’t understand this, and their shots at all supply-siders start at the top:
With the help of Arthur Laffer, the mind behind supply-side economics, Brownback shaped a far-right economic agenda for Kansas. Slashing taxes and state spending, Brownback cut corners by eliminating government jobs and clamping down on the social safety net. The plan was to kick start growth and get the state’s economy humming.
Larry Kudlow is in today’s Investor’s Business Daily:
I’ve always believed the 1990s were Ronald Reagan’s third term. And while mistakes were made over the years, the U.S. created about 50 million new jobs between 1981 and the onset of the Great Recession in 2007.
Unfortunately, the free-market model has largely been discarded in recent years — not only in the U.S., but around the world — as Keynesian spending, over-regulating, tax-the-rich redistribution, and berserk money have come into vogue. It’s all wrong. The poor results show it.
A Republican victory won’t change this. But the GOP can make an early start on free-market energy reforms, lower corporate tax rates, holding back the regulatory tide and knocking down some ObamaCare tax hikes.
Republicans can also continue the war on overspending. Since the 2010 GOP landslide, government spending as a share of GDP plunged from 24.4% to 20.3%. This has had something of a tax-cut effect, and shows what Congress can do if it has a mind to do it.