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All Keynesians Now?
McCain said if the economy declines, he will reverse
course on paying down the national debt. He will ask
for lower marginal income tax rates and a lower capital
gains tax. He will spend more federal dollars to stimulate
the economy. Meanwhile, until such decline, he favors
only a modest tax cut and a conservative approach to
spending to allow pay down of the national debt and
lower future interest costs and rates, in the interest of
protecting social security and medicare.
Does this mean that all four candidates are Keynesians?
At least as much as Nixon was? He dumped the gold
standard and once imposed price control -- remember.
John Gelles
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