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The Growth Experiment Revisited by Lawrence Lindsey

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[8]

A Deluge of Debt?

“Something quite bad is going to happen to the US economy fairly soon. Politically, the big question is whether it will happen before or after the 1984 election.”

—THE EDITORS, THE NEW REPUBLIC, JULY 9, 1984

THE CONVENTIONAL WISDOM HOLDS THAT THE 1981 TAX cuts ushered in a period of profligate borrowing and consumption in America, a binge that diminished savings and investment, impoverishing future American generations and hampering the economy. The specter of looming catastrophe was raised by the critics in the 1984 election and again in 1988. It will no doubt be raised again in 1992. Yet now that the catastrophe has been postponed for nearly a decade, perhaps we should examine the great sea of red ink on which the Reagan ...

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