Ronald Reagan did some fine things, but the economic theory that bears his name was not one of them. Reaganomics made the world safe for today's reckless tax-cutting. And the public hardly understands the social upheaval these policies will soon unleash. Reaganomics held that cutting taxes and reducing the size of government would let loose the nation's entrepreneurial juices and lead to economic growth. Note that the theory comes in two parts. The fun part is cutting taxes. The not-so-fun part is reducing government. Do the first part without the second, and you end up with budget deficits and an...
