Changes

Most criticism came from the Left, but some on the Right was skeptical as well.  [[George H.W. Bush]] during a campaign debate famously referred to it as "[[voodoo economics]]", due to the discarding of [[New Deal]] orthodoxy.  On the Left, it was seen as threat to the [[welfare state]] with the loss of federal revenues in tax cuts that had funded the failed [[War on Poverty]] programs for more than a decade.

Most criticism came from the Left, but some on the Right was skeptical as well.  [[George H.W. Bush]] during a campaign debate famously referred to it as "[[voodoo economics]]", due to the discarding of [[New Deal]] orthodoxy.  On the Left, it was seen as threat to the [[welfare state]] with the loss of federal revenues in tax cuts that had funded the failed [[War on Poverty]] programs for more than a decade.

One key aspect of the program in 1982 was tax cuts for Research and Development (R&D) in high technology firms intended to make United States more competitive with Japanese electronics manufacturers which had dominated the industry since the late 1960s.  Liberals were critical of the idea, claiming "tax cuts for business" only benefited "the rich"; however, the "trickle down effect" became a flood of prosperity in high tech industries by the mid to late 1990s. However, many of the high tech industries went bankrupt in the early 2000's<ref>http://www.cnet.com/1990-11136_1-6278387-1.html?tag=cnetfd.sd</ref>, leading the United States into a multi-year recession.

One key aspect of the program in 1982 was tax cuts for Research and Development (R&D) in high technology firms intended to make United States more competitive with Japanese electronics manufacturers which had dominated the industry since the late 1960s.  Liberals were critical of the idea, claiming "tax cuts for business" only benefited "the rich"; however, the "trickle down effect" became a flood of prosperity in high tech industries by the mid to late 1990s.

Murray Rothbard wrote:

Murray Rothbard wrote: