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Pastimes : Let's Talk About Our Feelings!!!
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To: greenspirit who wrote (73776)2/3/2000 4:05:00 AM
From: nihil  Read Replies (1) of 108807
 
Well, if Miltie is so great, you might go the the trouble to learn to spell his name properly.
Personally, I think he is a snotty little pipsqueak. He did some good work on professional income when he was young and working under good economists, but as soon as they turned him loose he started making very serious mistakes and misguided many people who if they had read him carefully would not have been so badly mistaken. His "permanent income hypothesis" was profoundly mistaken and was not even fruitful. This mistaken theory undercut supply-side economics and was one reason that the savings rate dropped when people got unexpected tax cuts in the early eighties. Another major defect was his monetary theory. Fortunately monetarism was abandoned before it had completely destroyed the U.S. economy. First Volcker and then Greenspan realized that as difficult as it is (because of the variable lags) one must simply try to fine tune the economy, rather than setting a monetary target and letting the skies fall. Fortunately, we abandoned monetarism before it destroyed us (as it did Chile). During these years, Friedman was the most dangerous man on two continents.
If you will bother to look up the real data, you will see that US government receipts dropped sharply from 1981 to 1983, rose to slightly above 1981 in 1985. During this and later periods, the real deficit continued to be much larger than in Carter's years, until at last Clinton courageously rescued us from Reagan's and Bush's disastrous deficits. You really need some formal training in economics before you make yourself into an even bigger ass. There is no place for childish worship of bogus heroes in economics. The facts often speak for themselves if you let them.
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