Jude Wanniski: Difference between revisions

After college, Wanniski worked as a reporter and columnist in Alaska.<ref name="Provocative" /> From 1961 to 1965 he worked at ''The [[Las Vegas Review-Journal]]'' as a political columnist,<ref name="Coined" /> where he taught himself economics as he learned card counting.<ref name="Father" />

From 1972 to 1978, Wanniski was the [[associate editor]] of ''[[The Wall Street Journal]]''. He left after being discovered at a New Jersey train station distributing leaflets supporting a [[Republican Party (United States)|Republican]] [[United States Senate|senatorial]] candidate, an act considered an ethics violation.<ref name="Provocative" /><ref name="Last" />

In 1978, Wanniski started Polyconomics, an economics forecasting firm, where he and his analysts advised corporations, investment banks and others.<ref name="Coined">{{cite news |url=https://www.nytimes.com/2005/08/31/business/31wanniski.html?ex=1283140800&en=9b18b36a7ca3d605&ei=5090&partner=rssuserland&emc=rss |work=New York Times |title=Jude Wanniski, 69, Journalist Who Coined the Term 'Supply-Side Economics' |author=Douglas Martin |date=August 31, 2005}}</ref>

In the late 1990s, Wanniski developed a friendship with the controversial leader of the [[Nation of Islam]], [[Louis Farrakhan]], stating in 1997: "My wife Patricia and I spent the four-day July 4th weekend in [[Chicago]] at the International Islamic Conference, hosted by the Nation of Islam, in conjunction with the World Islamic Peoples Leadership. It may have been the single most important political event I have witnessed in my life. ... What made the event so important was that when the weekend began, Farrakhan was the spiritual leader of 200,000 members of the Nation of Islam and clearly the most influential of 33 million African- Americans. At its conclusion, Farrakhan stands a good chance at uniting 1.2 billion Muslims under his spiritual leadership."<ref>{{cite web|url=http://www.weeklystandard.com/Content/Protected/Articles/000/000/008/506izwhw.asp# |title=HOW JUDE WANNISKI SPENT THE 4TH |work=The Weekly Standard |date=1997-07-21 |accessdateaccess-date=2015-11-23}}</ref><ref>{{cite web|author=Gary Younge |url=https://www.theguardian.com/world/2002/mar/14/usa.garyyounge |title=Gary Younge on Wanniski and Farrakhan's strange relationship |work=The Guardian |date=March 14, 2002 |accessdateaccess-date=2015-11-23}}</ref>

Polyconomics as a corporation ceased operations on June 30, 2006, ten months after Wanniski's death, but the name (a combination of "politics" and "economics") lives on at The Polyconomics Institute, where one can find the Wanniski's collected works for Polyconomics, as well as correspondence with economic policy makers, and lectures.<ref name=polyconomics.com>{{citeCite web|title=Supply Side University|url=http://www.polyconomics.com/ssu.html|title=Polyconomics - Supply-Side University|website=www.polyconomics.com}}</ref>

Wanniski consistently advocated the reduction of trade barriers, the elimination of capital gains taxes, and a return to the [[gold standard]].<ref name="tnr">{{Citationcite neededmagazine|last1=Chait|first1=Jonathan|title=Prophet Motive: Jude Wanniski, the GOP's odd man in|url=https://newrepublic.com/article/93919/prophet-motive|magazine=The New Republic|access-date=December15 May 2018|date=31 March 20151997}}</ref>

Wanniski was instrumental in popularizing the ideas of lower tax rates embodied in the "[[Laffer Curve]]" and was present in 1974 when [[Arthur Laffer]] drew the curve on the famous napkin for [[Dick Cheney]] and [[Donald Rumsfeld]].<ref name="Provocative"/><ref>{{cite web|url=http://www.polyconomics.com/gallery/Napkin003.jpg|format=JPG|title= Napkin image|publisher=Polyconomics.com|accessdateaccess-date=2015-11-23}}</ref>

A simplified view of the theory is that tax revenues would be zero if tax rates were either 0% or 100% and somewhere in between 0% and 100% is a tax rate that maximizes total revenue. Laffer's postulate was that the tax rate that maximizes revenue was at a much lower level than previously believed, so low that current tax rates were above the level for revenue to be maximized.{{citation<ref needed|datename=January"tnr" 2016}}/>

The '''Two Santa Claus Theory''' is a political theory and strategy published by Wanniski in 1976, which he promoted within the [[United States]] [[Republican Party (United States)|Republican Party]].<ref name="Wanniski-Primary">{{cite journal | author=Jude Wanniski | title= Taxes and a Two-Santa Theory | journal=[[National Observer (USAUnited States)|National Observer]] | year=1976a | issue=March 6 | pages= | url= }}</ref><ref name="bartlett">{{cite web |url=http://capitalgainsandgames.com/blog/bruce-bartlett/1701/jude-wanniski-taxes-and-two-santa-theory |title=Jude Wanniski: Taxes and a Two-Santa Theory &#124; Stan Collender's Capital Gains and Games |publisher=Capitalgainsandgames.com |date=2010-05-06 |accessdateaccess-date=2015-11-23 |archive-date=2015-11-24 |archive-url=https://web.archive.org/web/20151124041306/http://capitalgainsandgames.com/blog/bruce-bartlett/1701/jude-wanniski-taxes-and-two-santa-theory |url-status=dead }}</ref> The theory states that in democratic elections, if Democratsmembers of the rival [[Democratic Party (United States)|Democratic Party]] appeal to voters by proposing programs to help people, then the Republicans cannot gain broader appeal by proposing less spending. The first "Santa Claus" of the theory title refers to the Democrats who promisespromise programs to help the disadvantaged. The "Two Santa Claus Theory" recommends that the Republicans must assume the role of a second Santa Claus by not arguing to cut spending but by offering the option of cutting taxes.{{Citation<ref needed|datename=December"Wanniski-Primary" 2015}}/>

According to Wanniski, the theory is simple. In 1976, he wrote that the Two-Santa Claus Theory suggests that "the Republicans should concentrate on tax-rate reduction. As they succeed in expanding incentives to produce, they will move the economy back to full employment and thereby reduce social pressures for public spending. Just as an increase in Government spending inevitably means taxes must be raised, a cut in tax rates—by expanding the private sector—will diminish the relative size of the public sector."<ref name="bartlett" /> Wanniski suggested this position, as left-liberal observer [[Thom Hartmann]] has clarified, so that the Democrats would "have to be anti-Santas by raising taxes, or anti-Santas by cutting spending. Either one would lose them elections."<ref>{{cite web|url=http://www.commondreams.org/view/2009/01/26-0 |title=Two Santa Clauses or How The Republican Party Has Conned America for Thirty Years &#124; Common Dreams &#124; Breaking News & Views for the Progressive Community |publisher=Common Dreams |date=2009-01-26 |accessdateaccess-date=2015-11-23}}</ref>

Wanniski's 1978 book, ''The Way Thethe World Works'', documented his theory that the [[USUnited States Senate]]'s floor votes on the [[Smoot–Hawley Tariff Act|Smoot–Hawley tariff]] legislation coincided day- to- day with the [[Wall Street Crash of 1929|Wall Street stock market Crash of 1929]],<ref name="Coined"/> and that the [[Great Depression]] was the result of the Smoot-HawleySmoot–Hawley tariff, rather than any failure of classical economics.<ref name="Provocative">{{cite news |url=http://www.nysun.com/obituaries/jude-wanniski-69-provocative-crusader-for-supply/19386/ |work=New York Sun |title=Jude Wanniski, 69, Provocative Crusader for Supply-Side Economics |author=Steven Miller |date=August 31, 2005}}</ref>

Wanniski is also notable for his journalism on the alleged [[Weapon of mass destruction|weapons of mass destruction]] (WMD) in [[Iraq]]. As early as 1997, Wanniski posted columns on his website alleging that after November 1991, inspectors of [[United Nations Special Commission|UNSCOM]] inspectors had never found [[Iraq and weapons of mass destruction#Theories in the aftermath of the 2003 war|WMD in Iraq]] but had found and destroyed all of Iraq's WMD programs with the help of [[Saddam Hussein]]'s regime in the months following the first [[Gulf War]].<ref>{{cite web|url=http://www.polyconomics.com/memos/mm-990413.htm |title=Memos on the Margin-990413 Propaganda Wars #2 |publisher=Polyconomics.com |date=1999-04-13 |accessdateaccess-date=2015-11-23}}</ref> Wanniski not only recognized the prospective importance of the Iraqi WMD question before other journalists, but also argued correctly that Iraq had no WMD and stated that the US would never allow UNSCOM to end the inspections regime whateverregardless of what Iraq did.

He became a somewhat controversial figure in the conservative movement at the beginning of 2003, when he vocally opposed the impending [[2003 invasion of Iraq|US war with Iraq]]. On October 27, 2004, he publicly denounced [[President of the United States|President]] [[George W. Bush]], saying, "Mr. Bush has become an [[Imperialism|imperialist]]—one whose decisions as commander-in-chief have made the world a more dangerous place." Eventually Wanniski endorsed the 2004 [[United States Democratic Party|Democratic]] candidate, Senator [[John Kerry]], although he clearly preferred the [[United States Republican Party|Republican]] platform on issues related to taxation.<ref>{{cite web|url=http://www.polyconomics.com/fyi/fyi-041028.htm |title=FYI-041028 Making Up My Mind |publisher=Polyconomics.com |date=2004-10-28 |accessdateaccess-date=2015-11-23}}</ref>

Wanniski's last published work was an article for the 2005 [[IHS Press]] antiwar anthology, ''[[Neo-Conned!]]''.

Wanniski has been credited with coining the term [[supply-side economics]] to distinguish it against the more dominant "demand-side" [[Keynesian economics|Keynesian]] and [[monetarism|monetarist]] theories.<ref name="Coined"/> ButHe, he told a friendhowever, thatthought the actual phrase should be credited to [[Herbert Stein]], for Stein's phrase "supply-side fiscalists."<ref name="Last">{{cite news|url=http://www.adti.net/upi/wanniski.html |archive-url=https://archive.istoday/20051222065150/http://www.adti.net/upi/wanniski.html |dead-url-status=yesdead |archive-date=December 22, 2005 |work=United Press International (UPI) |title=Wanniski's last word |author=Gregory Fossedal |date=September 2, 2005 |df= }}</ref>

Starting in 1987, Wanniski edited an annual "Media Guide" in which he rated pundits on a four-star scale. Some conservatives, such as [[George F. Will]] and [[Norman Podhoretz]], received only a single star.<ref name="Provocative"/>

In 1998, Wanniski attempted to foster dialogue between [[Louis Farrakhan]] and those who had labeled him [[anti-SemitismAntisemitism|anti-Semiticantisemitic]]. He arranged for Farrakhan to be interviewed by reporter [[Jeffrey Goldberg]], who had written for the Jewish weekly ''[[The Forward]]'' and the ''[[The New York Times]].''. The extensive interview was never published in either publication, and Wanniski posted it on his website in the context of a memomemorandum to Senator [[JosephJoe Lieberman]].{{Citation needed|date=December 2015}}

Wanniski died of a heart attack on August 29, 2005, in [[Morristown, New Jersey]], while working at his desk. He was survived by his wife, Patricia, and children Matthew, Andrew, Jennifer Harlan, his brother Terrance Wanniski and sister Ruth Necco.<ref name="Coined"/>

At the time of his death, Wanniski was at the low point of his political influence, according to longtime friend [[Robert Novak]].<ref name="Father">{{cite news |work=CNN |url=http://www.cnn.com/2005/POLITICS/09/01/supply.side/index.html |author=Robert D. Novak |title=Father of supply side: An advocate who changed the world |date=September 1, 2005}}</ref> He was running his economic consultancy from its Parsippany offices. He spoke of having many Wall Street clients, although he complained that some had left due to his politics. He posted personal commentaries several times a week on his personal website, on topics ranging from international politics and trade policy to reviews of films.<ref name="Provocative"/>

* [[Perspectives on Capitalismcapitalism by school of thought]]

* {{C-SPAN|judewanniski1609}}

[[Category:American journalistspeople of Polish descent]]