April 29, 2004

It seems like deja vu all over again, the twin deficits are back at the forefront of the economic debate. The similarities between the current situation and that of the 1980's are amazing. In both cases the twin deficits were attributed to tax rate cuts and a defense build-up.Ever since the Reagan days we have talked about the evil of the twin deficits. The evidence presented here provides a different interpretation than the one found in the financial press.

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