Do your lectures ever leave you sad? The promise of supply side economics was that if we cut taxes, undermined labor unions, and deregulated industry, we& #39;d have more jobs, more consumer choices, and higher growth.

We& #39;ve had forty years to test this theory and a lot of data has come in. The results are unequivocal: there& #39;s no relationship between taxes and jobs, growth was higher under the Keynesian years when taxes were higher, and we& #39;ve often had less choice and more monopoly.

The share of income going to the top 1% has increased significantly with the reduction of tax rates, CEO pay has exploded, and the share of workers belonging to labor unions has declined to around 10% of the work force. It used to be above 30%.

Bank bailouts were extremely rare during the Keynesian years when banks were more regulated.

Health care and education costs have gone up.

Student loan debt is now over $1 trillion.

All these trends are related.

Reaganism was an UPWARD redistribution of wealth.

Personally, my own sadness stems from two factors: the general malaise and suffering that is currently in the air, compounded by the fact that knowledge of the post-war Keynesian economy allows us to envision different possibilities.

We& #39;ve got to get out of the Reagan paradigm.