By John Tamny RealClearMarkets
Economist Charles Kadlec has long pointed out that bull markets and strong economic eras don’t die of old age, but due to legislative failure. Economics textbooks for decades have suggested that economies are merely cyclical, but this conventional wisdom was turned on its head during the 20-year period bookended by the Reagan and Clinton presidencies.
While there’s perhaps a little bit of economic mythology surrounding Ronald Reagan’s presidency, he got the important policies right. Put simply, work that is penalized less alongside non-inflationary money values leads to all manner of economic activity.