Ronald Reagan, during his presidency, promoted an economic policy that came to be known as Reaganomics. Linked with economist Arthur Laffer’s theory of supply-side economics, Reaganomics claimed that economic growth could be promoted by dramatically reducing the tax burden of America’s wealthiest citizens. They, in turn, would use this tax relief to spend and invest more. This new spending, theoretically, would then stimulate the economy and create new jobs.