Everything about Jude Wanniski totally explained
Jude Thaddeus Wanniski (
June 17,
1936,
Pottsville, Pennsylvania –
August 29,
2005,
Morristown, New Jersey) was a
journalist, conservative commentator, and economic commentator. He is perhaps best known as the
associate editor of
The Wall Street Journal from
1972 to
1978. In
1976 Wanniski coined the term
supply-side economics to distinguish the revival in classical economic thought from the more dominant "demand-side"
Keynesian and
monetarist theories.
His
1978 book,
The Way The World Works, initiated a revival in
classical economics and was named one of the 100 most influential books of the
20th century by
National Review magazine. It documented his theory that the
U.S. Senate's floor votes on the
Smoot-Hawley tariff legislation coincided day-to-day with the
Wall Street stock market Crash of 1929. Wanniski consistently advocated the reduction of trade barriers, the elimination of capital gains taxes, and a return to the
gold standard.
He was an adviser to
Ronald Reagan from 1978 to 1981, and designed the Reagan tax cuts during his first term in office.
In
1978 Wanniski started
Polyconomics, a business focused on providing investment advice based on political and economic analysis. In
1997 Jude Wanniski founded the online learning center known as the “Supply-Side University”. Both Polyconomics and Supply-Side University closed their doors on June 30, 2006, ten months after Wanniski's death.
In
1998, Wanniski attempted to foster dialogue between
Louis Farrakhan and those who had labeled him
anti-Semitic. He arranged for Farrakhan to be interviewed by reporter
Jeffrey Goldberg who had written for the Jewish weekly
The Forward and the
New York Times. Since the extensive interview was never published in either publication, Wanniski decided to post the transcript on his website in the context of a memo to Senator
Joseph Lieberman.
Wanniski is also credited with the development of the
Two Santa Claus Theory in
1974.
Over the years, Wanniski has repeatedly emphasized high tax rates as the cause of poverty in Africa. Wanniski collected details about the tax structures of various countries in Africa, and explained how this was limiting the progress of the poor. These observations ended up as part of an episode of
The West Wing.
Wanniski is also notable for his journalism on the non-existence of
weapons of mass destruction (WMD) in Iraq. As early as 1997, Wanniski posted columns on his website alleging that after November 1991, UNSCOM inspectors had never found WMD in Iraq, and in fact had found and destroyed all of Iraq's WMD programs with the help of Saddam's regime in the months following the first
Gulf War. Wanniski not only recognized the prospective importance of the Iraqi WMD question before other journalists, he argued correctly that Iraq didn't have any WMD and stated that the U.S. would never allow UNSCOM to end the inspections regime no matter what Iraq did.
He became a somewhat controversial figure in the conservative movement at the beginning of
2003 when he vocally opposed the impending
US war with Iraq. On
October 27,
2004, he publicly denounced
George W. Bush, saying that "Mr. Bush has become an imperialist — one whose decisions as commander-in-chief have made the world a more dangerous place". Eventually Wanniski endorsed the
Democratic candidate,
John Kerry, although he clearly preferred the
Republican platform on issues related to taxation.
Wanniski died of a heart attack on August 29, 2005, while working at his desk. His last published work was an article penned for the 2005
IHS Press anti-war anthology,
Neo-Conned!.
Wanniski held a B.A. in political science and an M.S. in journalism from the
University of California, Los Angeles.
Two Santa Claus Theory
Two Santa Claus Theory is a political theory and strategy developed by
Jude Wanniski in
1976, which he promoted within the
U.S. Republican Party.
The theory states that, in democratic elections, if one party appeals to voters by proposing more spending, then a competing party can't gain broader appeal by proposing less spending. The "Santa Claus" of the theory title refers to the political party that promises spending. Instead, "Two Santa Claus Theory" recommends that the competing party must assume the role of a second Santa Claus by offering other appealing options.
This theory is a response to the belief of
monetarists, and especially
Milton Friedman, that the government must be starved of revenue in order to control the growth of spending (since, in the view of the monetarists, spending can't be reduced by elected bodies as the political pressure to spend is too great).
"Two Santa Claus Theory" doesn't argue against this belief, but holds that such arguments can't be espoused in an effort to win democratic elections. In Wanniski's view, the
Laffer curve and
supply-side economics provide an attractive alternative rationale for revenue reduction: that the economy will grow, not merely that the government will be starved of revenue. Wanniski argued that Republicans must become the tax-cutting Santa Claus to the
Democrats spending Santa Claus.
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