The Nation's Eric Alterman also offers us this historical review:
The supply-side experience taught conservatives they could create their own reality. They never admitted that their fly-by-night doctrine had anything to do with the deficits it created and continued to pummel liberals as fiscally irresponsible. Even after David Stockman revealed to William Greider that the entire exercise had been a hoax designed to cut taxes on the wealthy and spending for the poor and the middle class, the charade continued uninterrupted. (The Reagan administration even concocted a separate lie--that story about the president taking Stockman to "the woodshed" when the first lie was discovered--and that worked just as well.)
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