No wonder Trump supporters hate Coolidge. They just can't get enough deficit spending.
I see you have an Eisenhower quote in your tagline
Here’s a couple more Eisenhower quotes and compare that to the MAGA movement in the GOP
If prices and wages were to stay high or go higher in economic contraction, the outlook for stability at other times was bleak.
Why worry, some asked? Why not let prices creep upward forever? Inflation can get out of hand; beginning with a creep, it can end with a gallop. Inflation hurts people. Price increases averaging merely 1% a year will in 25 years cheapen the dollar by more than 1/5.
Huge federal spending, even when covered completely by tax revenues, can in itself provoke inflation. When the economy was performing at capacity and the federal budget was in balance, the government should try to increase its surplus by cutting spending, by postponing projects which, however desirable, are not immediately necessary. For, at a time of full employment, an increase in either federal or private spending will tend to bring on an increase in prices.
Whether or not these things were widely understood, I believed in them.And
My view is unshakable: When the economy is booming and the federal government concurrently is spending so heavily as to create sizable deficits, inflationary pressures are bound to build up and the cost of living can be expected to increase. This is economic irresponsibility, practiced only by those who believe that next month's profit and loss statement is more important than the long-term and steady growth of a free economy. Playing with inflation is the height of reckless folly. Plentiful examples past and present, demonstrate the validity of these convictions.
Our overriding purpose was to promote economic growth while keeping prices reasonably stable.MAGA is so economically illiterate it hurts. They are not much better than the current clowns running our economy.
