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Compare that with the 7.6% in the decade before ’82. In the same time unemployment fell from 7% to 6%, and continues to fall.
Ronnie’s low-inflation/trickle-down monetary policy was actually born through a convergence of liberal and conservative economic ideas that began long before ’81. Arthur burns, a conservative republican, tried to deal with the stagflation crisis of the 70’s by holding back on money growth, but eased up whenever unemployment rose...
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Arthur burns, a conservative republican, tried to deal with the stagflation crisis of the 70’s by holding back on money growth, but eased up whenever unemployment rose. His approach eventually led to a disastrous inflationary spiral. It was a liberal democrat, chairman, Paul Volcker, whose relentless determination to defeat inflation produced unemployment rates greatly exceeding those that Burn’s considered unacceptable...
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