WASHINGTON — President Donald Trump on Wednesday awarded the Presidential Medal of Freedom to economist Arthur Laffer, whose theories on tax cuts have guided Republican policy since the 1980s.

Trump presented the award to Laffer on Wednesday. Laffer had advised Trump during his presidential campaign and co-wrote a flattering book titled "Trumponomics: Inside the America First Plan to Revive Our Economy."

Laffer says lower tax rates change people's behavior and stimulate economic growth, creating more tax revenue for the government, not less.

A number of economists disagree and do not believe that cutting taxes spurs growth.

The president credits his $1.5 trillion tax cut package for boosting the economy. But the federal deficit also soared. It's up nearly 40 percent through the first eight months of the budget year.