I’ve written previously about the Reagan administration’s 1981 Kemp-Roth tax cut. To add further to the narrative, I’d like to add William Greider’s perspective from his Secrets of the Temple: How the Federal Reserve Runs the Country. I would quote it, but it makes more sense to show the entirety of a couple of pages. So rich is the content:

So, there you have it. Ronald Reagan’s economic and political teams were completely aware of the fiscal consequences of the 1981 tax cut and chose to hide the analysis from Congress, which was debating the bill. The US barely had a $1 trillion deficit at the time Kemp-Roth passed, and, despite numerous efforts at fiscal retrenchment throughout the rest of the 80’s and into the 90’s, deficits soared.