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Thread: There is only one thing that has to be followed in this countries economy.

  1. #41
    A Character Tennyson's Avatar
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    Quote Originally Posted by BigLeRoy View Post
    I will be quoting from economics TEXTBOOKS tomorrow when I am back in my office. You're out of your mind. You're an economics illiterate.
    Thank you.

  2. #42
    Radical Centrist BigLeRoy's Avatar
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    Quote Originally Posted by Tennyson View Post
    Thank you.
    Here, for just one example, is N. Gregory Mankiw, author of Principles of Economics, Fifth Edition, a VERY widely used textbook in introductory economics classes all across America, on page 818, talking about what he calls "The Volcker Disinflation":

    "When Paul Volcker faced the prospect of reducing inflation from its peak of about 10 percent, the economics profession offered two conflicting predictions. One group of economists offered estimates of the sacrifice ratio and concluded that reducing inflation would have great cost in terms of lost output and and high unemployment. Another group offered the theory of rational expectations and concluded that reducing inflation could be much less costly and, perhaps, could even have no cost at all. Who was right?"

    "Figure 11 shows inflation and unemployment from 1979 to 1987. As you can see, Volcker did succeed at reducing inflation. Inflation came down from almost 10 percent in 1981 and 1982 to about 4 percent in 1983 and 1984. Credit for this reduction in inflation goes completely to monetary policy. Fiscal policy at this time was acting in the opposite direction. The increases in the budget deficit during the Reagan administration were expanding aggregate demand, which tends to raise inflation. The fall in inflation from 1981 to 1984 is attributable to the tough anti-inflation policies of Fed Chairman Paul Volcker."

    Note that Gregory Mankiw is considered a right-of-center conservative economist, who served as the Chief Economic Adviser to President George W. Bush from 2002 to 2004.

    And, quite clearly, he thinks you're a knucklehead.

    How many more economics textbooks would you like me to cite?

    I have about 250 of them in my library.....and THAT'S a conservative estimate.
    Thanks from BigBob

  3. #43
    New Member BigBob's Avatar
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    Saint Ronnie screwed the American citizen. I did not have any increase in wages during his regime or Booooshes. Neither did any of the people i worked with.

  4. #44
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    Quote Originally Posted by BigLeRoy View Post
    Here, for just one example, is N. Gregory Mankiw, author of Principles of Economics, Fifth Edition, a VERY widely used textbook in introductory economics classes all across America, on page 818, talking about what he calls "The Volcker Disinflation":

    "When Paul Volcker faced the prospect of reducing inflation from its peak of about 10 percent, the economics profession offered two conflicting predictions. One group of economists offered estimates of the sacrifice ratio and concluded that reducing inflation would have great cost in terms of lost output and and high unemployment. Another group offered the theory of rational expectations and concluded that reducing inflation could be much less costly and, perhaps, could even have no cost at all. Who was right?"

    "Figure 11 shows inflation and unemployment from 1979 to 1987. As you can see, Volcker did succeed at reducing inflation. Inflation came down from almost 10 percent in 1981 and 1982 to about 4 percent in 1983 and 1984. Credit for this reduction in inflation goes completely to monetary policy. Fiscal policy at this time was acting in the opposite direction. The increases in the budget deficit during the Reagan administration were expanding aggregate demand, which tends to raise inflation. The fall in inflation from 1981 to 1984 is attributable to the tough anti-inflation policies of Fed Chairman Paul Volcker."

    Note that Gregory Mankiw is considered a right-of-center conservative economist, who served as the Chief Economic Adviser to President George W. Bush from 2002 to 2004.

    And, quite clearly, he thinks you're a knucklehead.

    How many more economics textbooks would you like me to cite?

    I have about 250 of them in my library.....and THAT'S a conservative estimate.
    Don't worry about this guy, he literally has no clue and anyone who does knows that, I found the perfect solution for someone like him , he asked a stupid question and I simply told him he doesn't exist. Works every time.

  5. #45
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    Quote Originally Posted by BigBob View Post
    Saint Ronnie screwed the American citizen. I did not have any increase in wages during his regime or Booooshes. Neither did any of the people i worked with.
    Literally since the 81 trickle down lie no one except a few at the top got anything other then pennies during the biggest increase of profits in history. How big, corporate profits after taxes was 200 billion in 1980, 2015 they were 1700 billion. 850% increase. Wages maybe 10% at the most. all that went to the few at the top exactly as Reagan and his party planned . This is what the right want for this country. They want it all.

  6. #46
    Radical Centrist BigLeRoy's Avatar
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    Quote Originally Posted by BigBob View Post
    Saint Ronnie screwed the American citizen. I did not have any increase in wages during his regime or Booooshes. Neither did any of the people i worked with.
    The 1980's were a difficult decade for many people, to be sure. I did a little better than most, because I was working in the computer chip industry and there was, of course, an ENORMOUS increase in demand for computer chips during that decade. For the people who worked in declining industries, in the Rust Belt states, it was an entirely different matter. I was born kind of on the boundaries of the Rust Belt, in Muscatine, Iowa, right on the Mississippi River, but headed west in the mid-1970s, which was probably a good decision.

  7. #47
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    Quote Originally Posted by BigLeRoy View Post
    The 1980's were a difficult decade for many people, to be sure. I did a little better than most, because I was working in the computer chip industry and there was, of course, an ENORMOUS increase in demand for computer chips during that decade. For the people who worked in declining industries, in the Rust Belt states, it was an entirely different matter. I was born kind of on the boundaries of the Rust Belt, in Muscatine, Iowa, right on the Mississippi River, but headed west in the mid-1970s, which was probably a good decision.
    Wonder what anyone thought would happen when the top tax rate went from 70% to 28% , It was the basis of the trickle down lie.

  8. #48
    Radical Centrist BigLeRoy's Avatar
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    Quote Originally Posted by jbander View Post
    Wonder what anyone thought would happen when the top tax rate went from 70% to 28% , It was the basis of the trickle down lie.
    Republicans always seem to think that the problem with the American economy is that the rich are not rich enough, and the poor are not poor enough, and they work around the clock to fix that.

  9. #49
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    Quote Originally Posted by BigLeRoy View Post
    Republicans always seem to think that the problem with the American economy is that the rich are not rich enough, and the poor are not poor enough, and they work around the clock to fix that.
    The right exist for 1% of the population all the rest needed to elect one of theirs are just stupid.

  10. #50
    A Character Tennyson's Avatar
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    Quote Originally Posted by BigLeRoy View Post
    Here, for just one example, is N. Gregory Mankiw, author of Principles of Economics, Fifth Edition, a VERY widely used textbook in introductory economics classes all across America, on page 818, talking about what he calls "The Volcker Disinflation":

    "When Paul Volcker faced the prospect of reducing inflation from its peak of about 10 percent, the economics profession offered two conflicting predictions. One group of economists offered estimates of the sacrifice ratio and concluded that reducing inflation would have great cost in terms of lost output and and high unemployment. Another group offered the theory of rational expectations and concluded that reducing inflation could be much less costly and, perhaps, could even have no cost at all. Who was right?"

    "Figure 11 shows inflation and unemployment from 1979 to 1987. As you can see, Volcker did succeed at reducing inflation. Inflation came down from almost 10 percent in 1981 and 1982 to about 4 percent in 1983 and 1984. Credit for this reduction in inflation goes completely to monetary policy. Fiscal policy at this time was acting in the opposite direction. The increases in the budget deficit during the Reagan administration were expanding aggregate demand, which tends to raise inflation. The fall in inflation from 1981 to 1984 is attributable to the tough anti-inflation policies of Fed Chairman Paul Volcker."

    Note that Gregory Mankiw is considered a right-of-center conservative economist, who served as the Chief Economic Adviser to President George W. Bush from 2002 to 2004.

    And, quite clearly, he thinks you're a knucklehead.

    How many more economics textbooks would you like me to cite?

    I have about 250 of them in my library.....and THAT'S a conservative estimate.


    I am not seeing anything in your post that directly addresses this statement of mine:

    Reagan's fiscal policy of tax rate cuts is what made inflation drop. The tax rates dropped significantly, which created more discretionary after tax money, which meant more spending, which increased demand for money, which meant the Fed needed to provide more money, which meant the Fed supplied more money that was actually useful for something other than manipulating the price level. This only happened because of Reagan and his tax policies and would not, and did not, happen under Carter's fiscal policies.

    Volckerís policies were pretty close under Carter as they were under Regan, but with a worsening effect on inflation. There was a symbiotic relationship between Volckerís policies, at the behest of Reagan, and the tax rate cuts of Reagan. The tax rate cuts would not have dropped the inflation rate at the staggering rate and pace that it dropped alone and the Fedís policies would not have dropped the inflation rate at the staggering rate and pace that it dropped alone. The rate of inflation dropped significantly along with the tax rates.

    This has not been addressed: MV = Py does not necessary equal inflation. The increase in M causes an increase in P only if assumptions are made and M is defined with a general agreement, which today it is not.

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