As I try to write a piece about the structure of economy as it is today vs. what it was years past, I am encouraged to read an editorial on the economy in The Daily Press, of Newport News, Virginia. Surprisingly, it didn't focus on the "virtues" of Keynesian economic theory so prevalent in most editorials, rather it addressed some real fundamentals for capital formation and against increased taxation, the thrust of Obama and the political left. The DP actually looked back to JFK and Reagan and what they did to stimulate long-term economic growth. I applaud them.
But, the atmosphere is shattered by some new, y0ung, fast-talking, mindless administration sycophant called a "strategist" using the Clinton administration's tax increase as an example of tax increases fueling economic expansion and assetting it as a model for solving today's economic problems. This reminds me of an article I published in 2004 re the "Economy of the 90's." I will regenerate the essence of it for the current analysis I am doing.
For now, suffice it to say that the 2004 piece was prompted by two of Clinton's cabinet who made preposterous claims as to what fueled the 90's economy.
Robert Rubin -- The tax increase "took the pressure off of the long bond," thus fueling the ecnomic expansion. No mention of all of the other "real" factors, which I will detail later, including his and Clinton's orders that brought about the greatest manipulation of, and fraud in, the banking/mortgage industry in history.
Robert Reich -- "We 'invested' in education and health care that made workers more productive." REALLY!!?? This was puppetted by "actress/comedian? erstwhile political philosopher, Jeanene Girofalo (what a genius!) a the Democrat convention.
Reich has made the assertion in recent times confirming that it is not just his height that is diminutive -- his intellect and judgement result from the same genetic combinations.