Trump to award Medal of Freedom to economist Arthur Laffer

President TrumpDonald John TrumpLawmakers prep ahead of impeachment hearing Democrats gear up for high-stakes Judiciary hearing Warren says she made almost M from legal work over past three decades MORE will award the Presidential Medal of Freedom, the nation's highest civilian honor, to economist Arthur Laffer, the White House announced Friday.

The president will honor Laffer on June 19 for his contributions to economic policy. The White House described Laffer as "one of the most influential economists in American history" in announcing the award.

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Laffer championed supply-side economics and gained prominence serving as a top adviser to then-President Reagan. He established what is known as the "Laffer Curve," which showed that increases in tax rates will eventually cause government revenue to decrease at a certain point. The model has been cited to argue for the benefits of tax cuts.

Critics of supply-side economics argue that it has contributed to inequality and disproportionately benefits the wealthy.

Laffer co-wrote a book published last year titled "Trumponomics: Inside the America First Plan to Revive Our Economy." His co-author was Stephen MooreStephen MooreOn The Money: Trump seeks to shift spotlight from impeachment to economy | Appropriators agree to Dec. 20 funding deadline | New study says tariffs threaten 1.5M jobs Trump tax adviser floats middle-class cuts ahead of 2020 Sunday shows - Next impeachment phase dominates MORE, who earlier this year was nominated to serve on the Federal Reserve Board of Governors but withdrew amid bipartisan opposition from senators.

The Medal of Freedom is awarded by the president to citizens who make an “especially meritorious contribution to the security or national interests of the United States, or world peace, or cultural or other significant public or private endeavors.”

Trump bestowed the honor on golfer Tiger Woods earlier this month. Other recipients during the Trump administration include Elvis Presley, former Sen. Orrin HatchOrrin Grant HatchKey Republicans say Biden can break Washington gridlock Trump awards Medal of Freedom to racing industry icon Roger Penske Trump holds more Medal of Freedom ceremonies than predecessors but awards fewer medals MORE (R-Utah) and Babe Ruth.