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Pastimes : Let's Talk About Our Feelings!!!
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To: Janice Shell who wrote (7032)4/28/1997 9:45:00 PM
From: JF Quinnelly   of 108807
 
Janice, Janice, Janice. The debt expanded in an orgy of deficit spending, which has nothing to do with Friedman's ideas. Give Ronnie credit for being a good Keynesian in that regard, Keynes being the advocate of deficit spending to counter recessions. The original Reagan budget agreement called for spending cuts, which the Democrat controlled House did not honor. Give the blame where it's due, the House controls spending and Presidents can only recommend. I find it interesting that you blame defense spending for the growth in the debt. Didn't the increased domestic spending of the Reagan years also increase the debt? How does the debt know what the money's spent for? And as for the tax cuts, we recouped via economic growth over 28% of the revenue lost due to the lowered rates, see Lawrence Lindsey's The Growth Experiment. As you may recall, we had been living with something called stagflation in the '70s, and either we would grow economically or we would continue to live with the lowered expectations of the glorious Carter years.
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