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George Grace's avatar

I listened to your book with great interest, but I felt that you never fully described the policy choices in an inflationary period. (Maybe you have more recently, but I am new to this blog,) Isn't the policy choice to raise taxes in an inflationary environment? Doesn't reduced spending in turn reduce inflationary pressures? Inquiring minds want to know!!

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Wally Grigo's avatar

"...fiscal policy has become a major drag on economic growth."

OK, but what's so great about "economic growth" if it's always vertical and not horizontal? In other words, there's nothing intuitively moral or sensible about the economy growing when only the top 1% reaps all the benefits. A more sensible measure would calculate the change in the fortunes of each quartile below that 1%. "Economic growth," in and of itself, is merely a fetish. Think of true societal wealth as being "wide," not "tall."

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