Sunday, February 15, 2009

Immortalizing Summers Hero Milton Friedman

Brad DeLong has a post up quoting Republicans predicting doom after the Clinton 1993 tax increase.

Larry Summers wrote, upon Milton Friedman's death, that he was drawn to Friedman b/c Friedman was a prophet, successfully predicting 1970s inflation dynamics. Here's what the ever-prophetic Milton Friedman thought the Bush tax increases alone in the early 90s "comdemned us us to a very slow and erratic recovery from a mild recession, and, very probably, promises a relatively slow 1990s, almost regardless of what the Clinton administration does."

He really could not have been more wrong about that, now could he?

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