Saturday, April 10, 2021

Back to the Future?


Friends, everyone should read this stimulating analysis of "Bidenomics".  It proposes that Biden is essentially returning to the big spending, inflationary policies of the 1960s and 70s.  If so, he risks steering us into another bout of "stagflation" -- possibly much worse than before, because, once we've printed and borrowed our way into an historically deep hole, we won't have the equivalent tools to rescue ourselves.  Anyway, Pinkerton's article merits our attention.  See what you think.  BTW, he glosses over just how Reagan got us out of the stagflation mess.  He says it's all about tax cuts.  He doesn't mention that Reagan raised taxes after he cut them.  In addition, he doesn't mention the punishingly high interest rates we suffered under in the late 70s and early 80s.  He doesn't mention the influence of oil prices either.  He doesn't mention a lot of things, but he nevertheless provides food for thought.


  1. And don't forget our 1970s pop culture celebrated in the 1977 film "Saturday Night Fever" (depicted in an edition of Mad Magazine as "Saturday Night Feeble") which was based on real life Italian Americans who then ruled the disco dance floor at the 2001 Odyssey Club in the Bay Ridge section of Brooklyn, New York.

    With that said, I think what Republicans need to do now to liven things up is to reintroduce disco dance politics into our present culture. And in my mind, there is only one man who can do that as the right wing version of Tony Manero, none other than "Dancing Nick Waddy." Let's hear it for Dr. Nick.

  2. Pinkerton has always struck me as a man on the verge of an honest idea, whose personal predilections forever prevent the final consummation of said idea. He's intellectually honest, but selective regarding what he permits into the scope of his intellect. A lot like Jonathan Haidt, or Robert Putnam.

    Funny trick, that.

    Nick, I think you pretty well summed it up, lots of additional factors, but tending in the right direction.


  3. And don't forget Alan Greenspan.

  4. Dr. Waddy et al from Jack:Let's not forget though, that Pinkerton misinformed General McClellan about Confederate strength and is also unpopular in the Pa coal country from which our beer and a shot President so humbly hails!

  5. Dr. Waddy et al from Jack: Carter was an accomplished man (had an oustandi g naval career) but was a feckless President. His economic advisors, assuming them tobe of good will (far leftists knew 1977 was too soon for a comprehensive power grab) did him badly. But Biden's far left handlers are convinced that tota!itarian power is in sight. So UNLIMITED expansion of Federal spending, consequent increased taxation of the very productive and the precipitous buildup of

    national economic, societal and politica! collapse, is very much intended by them. Stagflation has no fears for them ! Final triumph is nigh!So they in characteristic overreach wish

  6. Ray, the correlation of disco and stagflation is more than suspicious! Come to think of it, didn't men wear high heels back in the disco days too? Those who do not learn from history are condemned to repeat it, right?

    Lee, to be honest, I don't know Pinkerton from a hole in the ground, although instinct tells me I'd probably respect the hole more. "Economics" has always struck me as a sham science anyway. Human psychology: now that's where the action is!

    Jack, didn't Pinkerton also run a small army of detectives/enforcers? With that said, I take back everything bad I said about him. He's a real stand-up guy! (Please don't hurt me.)

    Jack, I know nothing about Carter's approach to fiscal policy. He ran a deficit, sure, but it was peanuts (har har) compared to today. My guess is, once the inflation monster rears his ugly head, it takes years to wrestle him back into submission. Carter was collateral damage perhaps?