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All sides of the political spectrum do this but it’s hilarious to me the “The 1950’s were amazing and we had high income taxes!” and ignore all the other things
by seibelj 4y ago
All sides of the political spectrum do this but it’s hilarious to me the “The 1950’s were amazing and we had high income taxes!” and ignore all the other things - like the entire world was bombed to shit and the seeds of stagflation were planted then.
- ejstronge 4y agoHow do you link the 1950s to stagflation? Are there any articles on this idea that you recommend?
- strawhatguy 4y agoNot op, I’d have to look. Generally though the seeds of a downturn don’t happen then, they happen during the boom times, when everything seems great. It’s the biggest issue I have with Keynesian school of thought: the answer to get out of a downturn is to gov spend more, but it ignores what happens in the boom times (in which gov also spends more these days). Meanwhile growth, even in good times, has been slowing. Used to be 3-4%/year 30 years ago, more like 1-2% now. And still the calls are for spending more. I don’t know when exactly we’ll stop growing altogether, could be 100 years from now, but with all the gov spending, we sure want to find out!
- dwater 4y agoWell, the entire rest of the industrialized world was bombed to shit and the US was not only untouched but also had been ramping up production as much as possible for 5 years. It's pretty much an ideal situation for a large economy when all of your competitors have destroyed each other and now everyone has to look to buy their rebuilding supplies from you.