Barack Obama, Supply-Sider

Barack Obama, Supply-Sider – Kevin D. Williamson – National Review Online.

‘One of Milton Friedman’s key achievements was working out a formal version of this idea, which is known as the “Permanent Income Hypothesis.” In short, it holds that most people are not utter fools, and that they therefore recognize temporary fluctuations in their income as temporary, and therefore as no basis for making long-term economic commitments.’

Temporary economic gimmicks don’t work.

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