Trump to award Presidential Medal of Freedom to economist Arthur Laffer

FILE PHOTO - A military aide prepares to hand U.S. President Donald Trump a 2018 Presidential Medal of Freedom during a ceremony in the East Room of the White House in Washington, U.S. November 16, 2018. REUTERS/Jonathan Ernst

WASHINGTON (Reuters) - U.S. President Donald Trump will award the Presidential Medal of Freedom, the country’s highest civilian honor, to influential economist Arthur Laffer on June 19, the White House said on Friday.

Widely considered “the father of supply-side economics,” Laffer may be best known for the “Laffer Curve,” a theory that he used to argue that tax cuts could actually increase tax revenue by spurring economic growth.

Laffer, 78, who served as an adviser to President Ronald Reagan, reportedly first sketched the curve on a napkin in 1974.

“Dr. Laffer’s public service and contributions to economic policy have helped spur prosperity for our Nation,” the White House said in a statement.

Laffer co-wrote a book lauding Trump’s economic policies titled, “Trumponomics: Inside the America First Plan to Revive Our Economy.”

Trump earlier this month awarded the Presidential Medal of Freedom to pro golfer Tiger Woods.

Reporting by Eric Beech; Editing by Sonya Hepinstall