Lever Time Tax Revolt: Voodoo Economics
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May 2, 2025 Nicole Hemmer, an Associate Professor of History at Vanderbilt and author of 'Partisans,' joins to unravel the depths of supply-side economics and its impact on American politics. She discusses how George H.W. Bush’s unexpected tax hike shaped his presidency and the Republican Party’s future. The conversation dives into the rise of anti-tax pledges and the ideological split within the GOP, led by figures like Newt Gingrich. Hemmer illustrates how these political maneuvers set the stage for modern populism and economic policies that resonate today.
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Bush's 'Voodoo Economics' Anecdote
- George H.W. Bush once called Reagan's supply-side tax cuts "voodoo economics" during the 1980 primary debate.
- Despite this, Bush later joined Reagan as his vice president, adopting many of his policies.
Bush's Deficit Hawk Stance
- Bush was a deficit hawk: he supported tax cuts only if spending cuts balanced the budget.
- His view conflicted with Reagan's approach of cutting taxes while increasing spending, which fueled deficits.
Norquist's Anti-Tax Pledge Impact
- Grover Norquist created the anti-tax pledge that commits Republicans to oppose tax increases.
- The pledge became a powerful tool in Republican politics affecting primaries and elections.