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"Global quality of life was greatly reduced" -> and that's for the people who survived. I think we have a handful of examples of Hayek's principles working out
by caseysoftware 11y ago
"Global quality of life was greatly reduced" -> and that's for the people who survived.
I think we have a handful of examples of Hayek's principles working out. JFK, Reagan, and even Bush 43 demonstrated that reducing taxes increases consumer spending across the entire system and improving the economy - less in the short term, more in the long term - and increasing government revenue at the same time al a the Laffer Curve.
- the_why_of_y 11y agoBush 43, was that the one that presided over the inflating housing bubble that burst in 2007, as well as a ballooning federal debt? A Democrat had to clean up the mess, so I guess you could call it a long-term success. Notably the only US president since 1980 that achieved a balanced budget was Bill Clinton - unsurprisingly, he did so by raising taxes. https://research.stlouisfed.org/fred2/series/FYFSGDA188S https://research.stlouisfed.org/fred2/series/FYFSGDA188S By the way, did you know that Keynes wrote of the Laffer curve already in 1933? http://www.liberal-vision.org/2010/12/17/keynes-and-the-laffer-curve/ http://www.liberal-vision.org/2010/12/17/keynes-and-the-laff... Of course, the important question on which opinions differ is where is the peak of the curve. Given the data the US has collected over the last decade (see link above) it is immediately evident that current levels of taxation are to the left of the peak.