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Title: CRS84798Lpage66
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Title: CRS84798Lpage64
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Title: CRS84798Lpage62
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Title: CRS84798Lpage69
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Text: evidence that American rates had reached that onerous point. (A3 W. W. Rostow points out. "013 NOD07‘ tlon of our (and taxes) ﬂowins to lot’- 9

Title: CRS84798Lpage61
Page from: info:fedora/mu:77086
Text: THE END OF REPUBLICAN ECONOMICS The Supply-Side Revolution: An Insider's Account of Policymaking in Washington by Paul Craig Roberts if _g _/Harvard University Press, 328 pp., $18.50) Presidential Economics: The Making of Economic Policy from Roosevelt to Reagan and Beyond by Herbert Stein ‘(Simon and Schuster, 414 pp., $16.95) Presidents typically try to arrange things so the economy booms

Title: CRS84798Lpage114
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Title: CRS84798Lpage112
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Title: CRS84798Lpage107
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Text: 6 BOOK WORLD] FEBRUARY 26. I984 Reproduced with the permission of the Washington Post, @1384 from Washington Post Book ’ THE SUPPLY-SIDE REVOLUTION: An Insider's Ac- count of Policymaking in Washington. By Paul Craig Roberts. Harvard University Press. 327 pp. $18.50 By JOHN TRAIN HIS is a surprisingly interesting book, and one that needed to bewritten. I say surprising, because like most

Title: CRS84798Lpage111
Page from: info:fedora/mu:77086
Text: the missing theory and empirical data to back up the supply-side case. ” Berry is a Washington Post staff writer. -I 1980» and 1981 tax acts will reduce , that rate to about 15 percent in the 1983-86 period," Bosworth de- clares. ~ 49

Title: CRS84798Lpage109
Page from: info:fedora/mu:77086
Text: RErIE supply-side Theory Reproduced with the permission of the Washington Post Company @1984 A-ug- 12, 1981+ F1». By John M. Berry The economic policy mix adopted in 1981 to promote long-term eco- nomic growth was “exactly the op- posite” of what was needed, accord- ing to a new book by Brookings in- ~ stitution economist Barry Bos- =3 _ worth, - ;_ . labeled as responsible for the poor

Title: CRS84798Lpage113
Page from: info:fedora/mu:77086
Text: , the economic illusion simply parades as a rationale for inequality. It is, as Kuttner describes it, “self- interest masquerading as technical imperative.” Its spokesmen tell iis that equality will sap our initiative but they do not ex- plain that the measures to prevent this, such as the Reagan tax bill, give a 16 percent tax saving to families with incomes over $200,000 and a 21 percent increase to families

Title: CRS84798Lpage108
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Title: CRS84798Lpage106
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Title: CRS84798Lpage110
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Title: CRS84798Lpage53
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Text: or VALOR (AND DISCRETION) 4 Tom Bethell 44‘; Supply-Side Revolution. by Paul Craig Roberts (Harvard, 3]! pp.. $18.50) THE KEY insight of the supply-side movement was simply this: It is po- litically. possible to cut tax rates, while it is impossible to cut spending. (Fed- eral spen:ding has not been out since the end of the Korean War.) This had not been grasped——-and it still has not

Title: CRS84798Lpage57
Page from: info:fedora/mu:77086
Text: THE FRIEDMAN PROBLEM A William F. Rickenbacker Tyranny of the Status Quo, by Milton and Rose Friedman (Harcourt, Brace, 182 pp.. $10.95) ERE’S ANOTHER short and spicy mes- sage from the ever gallant, charm- ing, patriotic, and freedom-loving Fried- mans, gradingMr. Reagan’s first couple of years in office (he gets a low pass, I gather), and offering some programs for future action. Devotees

Title: CRS84798Lpage59
Page from: info:fedora/mu:77086
Text: freely to have chosen to ignore this important his- torical episode. Ignoring the experience of free-mar- ket fractional-reserve gold-based bank- ing systems, the Friedmans treat a commodity money——in practice, gold‘ coins-——as the only alternative to a governmental monopoly. They then at- tack the gold standard by attacking the experience of this country from 1800 to 1934 or so. But, for most

Title: CRS84798Lpage55
Page from: info:fedora/mu:77086
Text: - ported in the daily papers, supple- mented by Roberts’s own Treasury memos. Still, it is a valuable account, and Craig Roberts deserves our grati- tude. Few people in Washington have 44 Nanomu. REVIEW / June 1, 1984 brought as much commitment and in- tensity to the tight for liberty. Without his formidable support, the supply-side movement today would be much en- ieebled. Cl 21

Title: CRS84798Lpage56
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Title: CRS84798Lpage60
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