Posted on 03/16/2009 5:24:27 AM PDT by Scanian
Many economists have been warning that the policies of the last few years under the Bush administration followed by the coming economic populism of Barack Obama will lead the U.S. back into a 1930s-style Great Depression. That group includes my friend and coauthor Arthur Laffer. I wouldn't go so far. Our current constellation of policies—bailouts, a weak dollar, rising tax rates, windfall profit taxes, bloated economic stimulus bills, and reregulation of markets— looks to me more like a reprise of the 1970s. That decade wasn't the Great Depression, but the economic results were plenty rotten, delivering the worst performance for the stock market and family incomes since the 1930s. Are we going to see a repeat?
The story actually begins on January 18, 1966. That was the day America hit a gold-plated economic milestone, celebrated as a symbol of post–World War II industrial might and productivity. On that red-letter day, the Dow Jones industrial average (briefly) climbed over 1,000 for the first time in American history.
The Kennedy tax cuts of the 1960s had helped fuel this stock market rally. The Vietnam War had not yet fully escalated or become unpopular, American manufacturing was at its peak, firing on all eight cylinders.
(Excerpt) Read more at spectator.org ...
Obama will make the 70’s look like happy days are here again.
Jimmy Carter II: BHO.
After Ronald Reagan came in, a lot of that got reversed, and plenty of people in America got better lives -- and all the while, Springsteen fumed about the unfairness of it all. But now a politician with a philosophy in line with Springsteen's is in the White House, and (again) we see tough economic times, factories closing down, and lots of people losing their American Dream.
I bet ol' Bruce is wearing a real big grin.
I think the lesson if history here is pretty clear. Capitalism is an economic systemm of 3-4 steps forward, followed by 1-2 steps back. When left alone, the net result is a fairly robust growth in wealth and prosperity for all, based on the worth of the people efforts, and the value of their inginuity. Everytime the great God Government tries to meddle in this, it reduces the steps forward, but never seems to reduce the steps back. economic stagnatiopn results, and this is what is known as “bad luck”
This is about the economy? When I read the title, I thought disco was making a comeback.
*shudder*
Obummer will make Jimmah “the Rabbit killer” Cahtar look like an economic and military genius.
Welcome Back Mr. Cahhhhter!
Thanks for the inspiration.
Mostly because you've been second only to Larry Kudlow in cheerleading and happy-talk against all news, logic, and experience, all the way down from DJII 14K.
Good one. Especially “The Ponz”.
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