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The Growth Experiment Revisited by Lawrence Lindsey

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[7]

Why No Inflation?

“Reagan’s task of winning credibility is made more difficult by widespread skepticism among economists and other opinion makers who fear that his unconventional program—by traditional economic standards—could worsen inflation rather than cure it.”

BUSINESSWEEK, DECEMBER 1, 1980

JIMMY CARTER PRESIDED OVER THE FIRST SUSTAINED DOUBLE-digit inflation since official US records have been kept.1 In the fierce debate over Reagan’s Great Experiment no issue caused more concern than the possibility the tax cuts might send inflation even higher, with devastating effects to the economy and the nation. Carter’s treasury secretary, William Miller, argued in 1980, “Hasty tax cutting now could be counterproductive. It would be a great ...

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