4 ms·
> untested combination of reducing tax (for high earners) and increasing borrowing Oh, it was tested: in 1972 the Conservative government tried this, and it di
by shellac 4y ago
> untested combination of reducing tax (for high earners) and increasing borrowing
Oh, it was tested: in 1972 the Conservative government tried this, and it didn't go well.
- sprkwd 4y agoIt seems like folks don't learn from their mistakes / history.
- drumhead 4y agoThere was also significant monetary loosening and the supply side was a lot less flexible. A year later we also had an oil price shock after the Yom Kippur war. Oil prices are actually falling now, the supply side is far less regulated and monetary policy is tightening. So I'd say there are significant differences.