The writer is director of economic policy studies at the American Enterprise Institute
Despite losing her grip on power after chancellor Jeremy Hunt reversed the tax cuts announced in Kwasi Kwarteng’s “mini” Budget, former UK prime minister Liz Truss continued to argue for her vision of a high-growth economy during her final days in office. She was right to do so.
For conservatives on both sides of the Atlantic, the wrong conclusion to draw from this episode would be to abandon supply-side economics. The correct lesson is that the supply-side agenda needs to be updated from the days of Ronald Reagan and Margaret Thatcher.
Truss and Kwarteng were mistaken to give such a prominent place to individual income tax cuts. And ahead of the midterm elections in the US, the Republicans risk making the same error.
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