Travel with me back to yesteryear, the early days of the Reagan administration, when taxes were being cut and spending increases were being curbed (actual spending cuts were few), and when journalists were losing their heads about the supposedly catastrophic state of the economy.
The prevailing ethos in those days in the White House was somewhat sensible. The idea was that the recession had to be permitted to run its course. The late-1970s inflation coupled with recession had wrought dollar depreciation plus high unemployment and high interest rates. These were part of the adjustment process. No one doubted it. FULL ARTICLE