Murray Weidenbaum has passed away at age 87

The NYT obituary is here.

Comments

Looking back, Reaganomics was a success. It ended the early 1980's recession. Unemployment fell to 5.3% by 1989.
The top income tax rate was cut from 70% to 28%. The Bush tax cuts helped end the 2001 recession and softened the blow of the 2008 crisis. Trickle down economics may have its flaws but no one has proposed a better alternative. On a related note, ending the gold standard lifted the constraints that had been holding the economy back. It's better to help the rich get ahead because that can help everyone else, even if it takes time the benefits to trickle down.

Ending the Gold Standard may have worked in the short run. It remains to be seen if it will work in the long run. All fiat currencies have failed in the end.

Admittedly in the end we are all dead, but fiat currencies don't seem to have done all that well to me since the end of the gold standard. They may be about to do a lot worse.

The gold standard was ended by Nixon in 1971, over a decade before Reagan took office.

Comments for this post are closed