The New American Economy: The Failure of Reaganomics and a New Way Forward
As a domestic policy advisor to Ronald Reagan, Bruce Bartlett was one of the originators of Reaganomics, the supply-side economic theory that conservatives have clung to for decades. In The New American Economy, Bartlett goes back to the economic roots that made Impostor a bestseller and abandons the conservative dogma in favor of a policy strongly based on what's worked in the past. Marshalling compelling history and economics, he explains how economic theories that may be perfectly valid at one moment in time under one set of circumstances tend to lose validity over time because they are misapplied under different circumstances. Bartlett makes a compelling, historically-based case for large tax increases, once anathema to him and his economic allies. In The New American Economy, Bartlett seeks to clarify a compelling and way forward for the American economy.
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Bartkett's book is a pretty well thought out analysis on how to get the US back on track. The title 'The New American Economy: The Failure of Reaganomics and a New Way Forward' may sound like another liberal swipe at Republican policies and anyone who knows my politics will realize the subtitle is what got me to pick up the book! ;>)
Having, made this disclosure, it seems to me that the subtitle is just a marketing ploy that works pretty good. Bruce Bartlett was a Domestic Policy advisor to Reagan and designed and helped implement many of those policies. He was also a treasury official for Bush Sr. This guy is no Liberal.
What he does in this short book is points out where Keynesian Economic policies and Supply Side Economic policies worked and where they didn't. He then attempts to come up with a way to get us out of the current mess - mainly he's pushing a VAT with a couple twists that he believes will make it easier for Liberals and Conservatives to swallow.
Bottom line, it's an interesting take on why Keynes and Supply Side didn't work and it even has a anti-VAT guy like myself willing to consider it - if not enthusiastically.