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Harsh Predictions about the Future

I’m at a conference on the Council on Foreign Relations, looking back at the Great Depression and the New Deal.

One speaker is Ed Prescott, 2004 Nobel Prize winner. He said:

I do predict the U.S. will lose a decade of growth. Marginal tax rates will be increased. Productivity-depressing policies will be adopted.

When asked what we should do noww, he said (more or less exact quotes, based on my rapid typing):

Don’t subsidize inefficiency. Cut tax rates to get people to work more

This financial stuff is much ado about nothing. I don’t see any reason for the taxpayers to bail out Goldman Sachs in a roundabout way. Let these businesses go bankrupt. They gambled, they lost. That’s part of life.

I’m not necessarily agreeing with him, but it’s an interesting position.

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