This episode explores the profound influence of Reaganomics and its enduring legacy in American economic policy with tax expert and former US Treasury attorney Ed Oswald. He is the author of a new book, “From Ronald to Donald: How the Myth of Reagan Became the Cult of Trump”. Oswald discusses the transition from Reagan’s tax reforms to Trump's tax policies, highlighting the continuity in supply-side economics and its implications for fiscal policy and the national debt.

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About this episode’s guest: Edwin G. Oswald

Edwin G. Oswald is a partner with the law firm of Orrick, Herrington & Sutcliffe LLP, resident in Washington D.C. He served as an attorney-advisor in the United States Treasury's Office of Tax Legislative Counsel during the Clinton Administration. He is a Fellow of the American College of Tax Counsel and a frequent lecturer on financing State and local infrastructure and the federal taxation of municipal debt. The book is a personal project of Mr. Oswald's and the views and opinions expressed herein are those of the co-authors and do not represent the views and opinions of Orrick.

What’s covered in EP238

• Reagan's economic policies and their impact on the US deficit. (0:00)
• Supply-side economics and its impact on US deficits. (6:55)
• Reaganomics and its impact, and the impact of Clinton administration policies (e.g. NAFTA, repeal of Glass-Steagall). (16:14)
• Reagan and Trump similarities, tax cuts, and budget. (26:24)
• Tax policy and its impact on the economy. (33:22)

Takeaways

1. Reagan’s economic policies, particularly his tax cuts, have had a lasting influence on American politics, setting a precedent followed by later administrations, including Trump’s.
2. Ed Oswald argues that supply-side economic policies from Reagan to Trump show a consistent belief in tax cuts for the wealthy as a means to stimulate economic growth, despite debates about their effectiveness and impact on the national debt.
3. In Ed's view, addressing the US debt will likely require a balanced approach of tax increases and spending cuts.

Links relevant to the conversation

Ed’s book: https://www.amazon.com.au/Ronald-Donald-Reagan-Became-Trump/dp/1476690324

Ed’s bio: https://www.edwingoswald.com/

Recent episode with Dan Mitchell on US debt:

https://economicsexplored.com/2024/04/17/is-uncle-sam-running-a-ponzi-scheme-with-the-national-debt-w-dr-dan-mitchell-ep235/