…stimulus was becoming excessive. As far as the 1981 tax cut, the free-lunch crowd tends to forget that it was followed by the 1982 recession as the Volcker anti-inflation jihad…

…when Ronald Reagan and Paul Volcker ended that stagflation through supply-side policies … Bowyer must be unaware of Reagan’s attempt at fiscal stimulus, which was not only offset by the…

…Bartlett and Bill Buckley. Update: Kudlow’s colleague John Tamny just told Paul Volcker (and hence me as well) that Bush’s fiscal trainwreck is not a cause of the current account…

…inflation. But let’s set the record straight. The dramatic decline in oil prices were certainly not due to either the Reagan tax cuts or Volcker’s tight monetary policy. But the…

…that real GDP grew by almost 4.3% from July 1, 1980 to June 30, 1981. And Paul Volcker run his second dose of tight monetary policy to offset what he…

…the years though, unit labor costs have been growing more slowly. There was an abrupt slowdown during the Volcker recession. But now, we see an important shift in the graph…

…A general rule is that a wider spread will decrease capital income’s consumption rate. As the effective tax rate for capital income fell in the 1950s to 1960s, more capital…

…Volcker in 1975? They were facing a tradeoff driven by a massive demographic shift. Incorporate that shift in your thinking, and you can ask the important question: would excluding those…

…Volcker recession. Something to keep our eyes on is that the profit rate tends to flatten out before capital income’s consumption rate starts to fall. And it sees as though…

…enough in 2008? or Did real GDP grind to halt primarily because of the effective demand limit upon real GDP? In all recessions prior to 2007, except the Volcker induced…