Prestigious newspaper editor George Melloan, who worked for the Wall Street Journal
for more than half a century, is no stranger to the wild ups and downs
of the American and world economies. Using detailed examples from the
Crash of 1929 and from the Carter era, this brilliantly argued book
explains how government intervention actually prevents the economy from
recovering its natural balance. Unless lawmakers realize the true
importance of using supply-side economics in our current crisis, warns
Melloan, nothing will save us from a new era of disastrous inflation and
widespread global depression.
Citing the importance of historical example, Melloan explains how the
world of economics was completely changed in the 1930s under the
influence of English economist John Maynard Keynes. His theories
advocating government interventionist policies were wholeheartedly
adopted as a response to the Great Depression and remained unquestioned
until the “supply-side revolution” of 1980, after the stagflation of the
1970s showed the inherent weaknesses of neo-Keynesian economics. By
employing what is sometimes called “Reaganomics,” President Ronald
Reagan and his economic advisers sparked a quarter century of
unparalleled prosperity. Unfortunately, as Melloan demonstrates,
government policy soon began to revert to Keynesian theories, even
though they are widely misunderstood and misapplied.
Now, with the Crash of 2008, our new president and government appear
committed to ignoring the lessons of the past. With multibillion-dollar
“stimulus packages” becoming the norm, and a multitrillion-dollar
national debt that will keep growing so long as present policies are
continued, America can look forward to a very grim future indeed.
There is only one solution: we must return to our eroded supply-side
principles. In the face of general misunderstanding, Melloan outlines a
lucid and detailed explanation of exactly why we are currently sinking
so rapidly, how this crisis compares to similar situations in the past,
and exactly what must be done to return the United States to the
economic vitality it enjoyed not so long ago. Download and start listening now!