"Reagan's theory was really "trickle down" economics borrowed from the Republican 1920s (Harding-Coolidge-Hoover) and renamed "supply side." Cut tax rates for the wealthy; everyone else will benefit. As Reagan's budget director David Stockman confided to me at the time, the supply-side rhetoric "was always a Trojan horse to bring down the top rate." Many middle-class and poor citizens figured it out, even if reporters did not."