The ardent Student should study this Piece, propelled as it is by two of the Participants of those years in question. Let me say first I belong to None of the Above, as far as political or economic thought is concerned. I trace my lineage back to some obscure references by the original Keynes, who at one time did insist that normal Markets formation could never occur when there was excess Government intervention. The basic component behind this thesis must be that Government expenditures must at some point reduce and leave the market structure, in order for Prices within the Markets to return to normal. Sustained Government stimulus is, in itself, the wrong path to follow. I will say that I am likely the sole advocate for such economic policy left in the World; I will man the ramparts until old age does consume me!
I suppose that I might present some justification for such outrageous behavior. Prices are always raised upon Commodities with the expenditure of Government funds, especially when they are deficit-funded; a condition which is almost universal whenever One talks about economic stimulus, you could say it is all debt-finance. These Prices never drop to normal when the Government expenditure is continuous, and the Inflation of Pricing is a really reverse taxation which seriously impacts all economic activity. I could give a fancy economic model talking about the calculus limits of Population size minus some residual percentage, over some calculus limit of technological advance minus some residual percentage, all subtracting some coefficient of residual Speed by percentage of Time; but I would obviously get it wrong, and no one could understand the situation any better. I will simply state that there is ever-increasing taxation of Private economic activity through higher Commodity pricing under the impact of Stimulus.
The important thing I would like to forward to my Readers consists of the fact Keynes once knew that Stimulus had to be transitional, and the evil effects of Stimulus accumulate over continuance of Stimulus policy. He may have somewhat recanted such philosophy in later Age, but We all have Senior Moments, some of which can be permanently impairing. The thing I would arrive at is the Statement that Republican Tax Cuts are being swiftly overshadowed by the hidden taxation of the Stimulus. There is a point where Tax Cuts are disadvantageous, and We probably arrived at that point prior to the Bush Tax Cuts. The only real benefit of the Clinton economic era was a minor reversal of the adverse trend. No one has to agree with my assessment, and luckily, almost no one does; and I will probably reach the Poorhouse before these Detractors; though I must say that Recovery for everyone will be hard to endure. I will warn my Readers now: Do not trust common belief too deeply, as Such has led to every Recession and War that the World has ever seen. lgl