Ronald Reagan’s famed economist, Art Laffer, receives Medal of Freedom from President Trump

In 1974, America’s confidence was rattled. Two million Americans joined the unemployment lines that year alone, while inflation soared to a stunning 11 percent. The consensus in Washington—on both sides of the aisle—was that raising taxes and growing government could help our country crawl its way to prosperity.

A young economist named Dr. Arthur Laffer challenged that status quo—and in doing so sparked an economic revolution that changed history.

Watch: President Trump awards economist Arthur Laffer the Medal of Freedom

Known as the “Father of Supply-Side Economics,” Dr. Laffer’s work has brought millions out of poverty and on track toward a better life. Today, President Donald J. Trump recognized that legacy by presenting Dr. Laffer with America’s highest civilian honor.

Forty-five years ago, at a now-legendary dinner with Ford White House officials Donald Rumsfeld and Dick Cheney, Dr. Laffer pulled out his napkin and drew a small graph. With the now-famous “Laffer Curve,” he illustrated how when tax rates creep too high, people stop spending and investing—leading to less growth and, paradoxically, lower tax revenues. On the other hand, at a certain point on the curve, lower tax rates help spur investment, economic growth, and even government tax receipts.

Seem obvious? It is today—for most conservatives, at least. But in 1974, the “Laffer Curve” was economic heresy. Prominent leaders and academics dismissed it out of hand as “insanity” and “completely off the wall.”

Dr. Laffer would go on to prove them all wrong.

The Reagan Revolution, beginning in 1980, would see Dr. Laffer’s ideas take center stage as he helped shape President Ronald Reagan’s low-tax, pro-growth working-class agenda. He played vital roles in both the 1981 and 1986 tax cut laws, which ultimately chopped the top marginal rate for individuals from 70 percent to 28 percent.

The rest, as we know, is history. After years of dreaded “stagflation,” the U.S. economy skyrocketed. More than 12 million new jobs were created. Inflation collapsed. GDP soared by nearly 30 percent.

Since the 1980s, more than 30 countries have adopted similar tax cuts and reforms. As a result, Dr. Laffer’s policies have helped lift nearly a billion people out of poverty.

Not a bad legacy to start with a sketch on a napkin.

**Video of the day: The USNS Comfort deploys on a mission of compassion**

At the Port of Miami yesterday, Vice President Mike Pence gave special thanks to the crew of the USNS Comfort before they embarked on a lifesaving mission to Latin America.

“The generosity and the compassion and the care of the American people for the struggling people of Venezuela will set sail again aboard the USNS Comfort,” he said.

Under the oppressive Maduro regime, more than 4 million Venezuelans have fled their homeland, many in desperate need of medical care. During the next five months, the USNS Comfort will make stops in 13 partner nations to assist these displaced people. The ship itself brings significant medical capabilities to the region, including one of the largest trauma facilities in all of the United States Navy.

“On behalf of your Commander-in-Chief: You're embarking on a vital mission, and we're grateful for your service,” the Vice President said.

In photos: Vice President Pence tours the USNS Comfort