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Four Deformations of the Apocalypse October 4, 2010

David Stockman understands

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the difference between what they used to call fiscal conservatism and what they now call fiscal conservatism. Given the modern definition, I’m a “fiscal moderate.”

Related: “Four Deformations of the Apocalypse” by David Stockman at NYTimes.com

One Comments
timothyhalls 10/04/2010

The Reagan tax-cuts are famous examples of how cutting taxes can stimulate the economy.  But what I don’t think the people who advocate more of the same take into account is that there has to be limits to any strategy.
1.  How can the gov’t only reduce taxes and do it constantly?  Won’t the time come when there are negative or zero taxes?  Where will gov’t revenue come from then?  or is gov’t “the problem” to such a degree that it should be eliminated all together?  That doesn’t make sense.
2.  The Reagan tax-cuts took place within a concept of “supply-side” gov’t intervention in the economy.   From my perspective this approach also approaches its limits when the productive capacity exceeds the populace’s interest or ability to absorb the supply that is produced.  Are we supposed to just buy more and more and more and more?

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