(Dr. Walter Heller - tried to save Reagan from himself - didn't work)
With word about the latest recession being "over", I was reminded about the last time we had a deep recession in the 1980s and how we all became familiar with the phrases "Reaganomics", Supply-Side and Voodoo-Economics.
Back in the 80s there was 10% unemployment (on paper) and it felt like it lasted forever. Former Kennedy and Johnson Economic adviser Dr. Walter Heller had a few observations to make when he was interviewed on Face The Nation in 1982.
Dr. Walter Heller: “Had the Carter program, and unfortunately it was rather forgettable, but had the Carter program been enacted, we would be in much better shape today. People seem to forget that Carter, in October of the last year of his presidency proposed a tax program that made just excellent sense. It was much smaller than the President’s program, and it concentrated more of its tax cuts, and this is what people forget, on the supply side, so to speak, on true stimulus of government investment. Instead of having enormous deficits that scare the public and Wall Street, we would have had much more moderate deficits, we’d be much better off today.”
Perhaps hindsight is 20/20 but it's interesting to speculate what might have happened had the Carter program been enacted.
But no, The Great Communicator had a better idea . . or so he said.