Trading One Myth For Another?
In "The myth that may doom Clinton's Presidency" (Economic Viewpoint, Apr. 18), Paul Craig Roberts continues to believe his own myth about "supply-side economics." He seems blind to the facts that the Reagan Administration followed a simple Keynesian economic precept taught to undergraduates: Run the government deficit up to record post-World War II levels and you will stimulate aggregate U.S. demand. Unfortunately, as we found out in 1990, this type of growth is unsustainable because it is consumer-, not investment-, driven.
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