Introduction to Economics: Part 7
Deficits are equal to expenditures minus taxes. Reagan spoke of cutting government spending, but meant only cutting the rate of growth of government spending. Stagflation appeared in 1957-58. Inflation during a recession was not supposed to happen. It happened again in 1973-75.
Part seven of seven from Introduction to Economics: A Private Seminar with Murray N. Rothbard.
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