JFK and the Reagan Revolution

Author: Lawrence Kudlow
Publisher: Penguin
ISBN: 0698162838
Format: PDF, ePub
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The fascinating, suppressed history of how JFK pioneered supply-side economics. John F. Kennedy was the first president since the 1920s to slash tax rates across-the-board, becoming one of the earliest supply-siders. Sadly, today’s Democrats have ignored JFK’s tax-cut legacy and have opted instead for an anti-growth, tax-hiking redistribution program, undermining America’s economy. One person who followed JFK’s tax-cut growth model was Ronald Reagan. This is the never-before-told story of the link between JFK and Ronald Reagan. This is the secret history of American prosperity. JFK realized that high taxes that punished success and fanned class warfare harmed the economy. In the 1950s, when high tax rates prevailed, America endured recessions every two or three years and the ranks of the unemployed swelled. Only in the 1960s did an uninterrupted boom at a high rate of growth (averaging 5 percent per year) drive a tremendous increase in jobs for the long term. The difference was Kennedy’s economic policy, particularly his push for sweeping tax-rate cuts. Kennedy was so successful in the ’60s that he directly inspired Ronald Reagan’s tax cut revolution in the 1980s, which rejuvenated the economy and gave us another boom that lasted for two decades. Lawrence Kudlow and Brian Domitrovic reveal the secret history of American prosperity by exploring the little-known battles within the Kennedy administration. They show why JFK rejected the advice of his Keynesian advisors, turning instead to the ideas proposed by the non-Keynesians on his team of rivals. We meet a fascinating cast of characters, especially Treasury Secretary Douglas Dillon, a Republican. Dillon’s opponents, such as liberal economists Paul Samuelson, James Tobin, and Walter Heller, fought to maintain the high tax rates—including an astonishing 91% top rate—that were smothering the economy. In a wrenching struggle for the mind of the president, Dillon convinced JFK of the long-term dangers of nosebleed income-tax rates, big spending, and loose money. Ultimately, JFK chose Dillon’s tax cuts and sound-dollar policies and rejected Samuelson and Heller. In response to Kennedy’s revolutionary tax cut, the economy soared. But as the 1960s wore on, the departed president’s priorities were undone by the government-expanding and tax-hiking mistakes of Presidents Johnson, Nixon, Ford, and Carter. The resulting recessions and the “stagflation” of the 1970s took the nation off its natural course of growth and prosperity-- until JFK’s true heirs returned to the White House in the Reagan era. Kudlow and Domitrovic make a convincing case that the solutions needed to solve the long economic stagnation of the early twenty-first century are once again the free-market principles of limited government, low tax rates, and a strong dollar. We simply need to embrace the bipartisan wisdom of two great presidents, unleash prosperity, and recover the greatness of America. From the Hardcover edition.

JFK and the Reagan Revolution

Author: Lawrence Kudlow
Publisher: Penguin
ISBN: 1595231145
Format: PDF, ePub, Mobi
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The little-known story of how JFK pioneered supply-side economics Who invented supply-side economics the idea that cutting tax rates can result in more growth, more prosperity at all income levels, and even more tax revenue flowing into the IRS? Most people would credit the economic team that advised Ronald Reagan in the late 1970s and early 1980s. But in fact, supply-side economics actually came of age two decades earlier. And the first president who embraced it was one of the biggest icons of the Democratic Party John F. Kennedy. As Larry Kudlow and Brian Domitrovic explain, this is an inconvenient fact for both parties. Liberals hate the idea that JFK successfully pioneered an economic principle that has become a core part of the GOP platform. And conservatives hate to admit that their hero, Reagan, grabbed one of his most successful policies not merely from a Democrat, but from a KENNEDY. So neither side has much incentive to talk about the tax battles inside the Kennedy Administration. In a blow-by-blow narrative of those years, the authors reveal how JFK assembled Keynesian advisors, only to reject their plans for loose money and big spending. Instead, Kennedy embraced ideas advanced by the non-Keynesians on his team of rivals and drew upon his own deep reading of history to opt for tax cuts and a recommitment to the gold standard. Here we meet a fascinating cast of Kennedy Administration characters, especially Treasure Secretary Douglas Dillon, the token Republican in JFK's cabinet. Dillon's opponents, such as liberal economists Paul Samuelson, Robert Solow, and James Tobin, strove to stifle the push to bring down the high tax rates--including an astonishing 91% top rate on the wealthiest earners-- that were damaging the economy. Once JFK became convinced of the power of tax cuts, he held his ground against the Keynesians. And as Kennedy made his case for the tax cut, the economy took off. After the assassination, Lyndon Johnson finally signed the tax-cut law in February 1964. The subsequent economic boom delivered the greatest prosperity the nation had ever seen. The First Supply-Sider is an eye-opening look at one of the most important yet least understood episodes in American economic history. It reveals the low-tax tradition within the Democratic party, one that the Republicans at last made their own only with Reagan.

Econoclasts

Author: Brian Domitrovic
Publisher: Open Road Media
ISBN: 1497636299
Format: PDF, ePub, Docs
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The history we can’t afford to forget At last, the definitive history of supply-side economics—an incredibly timely work that reveals the foundations of America’s prosperity when those very foundations are under attack. In the riveting, groundbreaking book Econoclasts, historian Brian Domitrovic tells the remarkable story of the economists, journalists, Washington staffers, and (ultimately) politicians who showed America how to get out of the 1970s stagflation and ushered in an unprecedented quarter-century run of growth and opportunity. Based on the author’s years of archival research, Econoclasts is a masterful narrative history in the tradition of Amity Shlaes’s The Forgotten Man and John Steele Gordon’s An Empire of Wealth.

JFK Conservative

Author: Ira Stoll
Publisher: Houghton Mifflin Harcourt
ISBN: 0547585985
Format: PDF, ePub, Mobi
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A controversial portrait of the thirty-fifth president explores his less-recognized roles in promoting anti-communism, tax cuts, free trade, and other agendas that had distinctly conservative stances.

Kennedy and Reagan

Author: Scott Farris
Publisher: Rowman & Littlefield
ISBN: 1493001884
Format: PDF, ePub, Mobi
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It's been fifty years since JFK’s assassination and nearly twenty since Ronald Reagan disappeared from public life. While they never ran head-to-head, they developed their legacies in competing ways and those legacies battle each other even today. The story of one illuminates the other, and explains our expectations for the presidency and whom we elect. Even though one is the model Democrat and the other the model Republican, their appeal is now bipartisan. Republicans quote Kennedy to justify tax cuts or aggressive national defense; Democrats use Reagan’s pragmatism to shame Republicans into supporting tax increases and compromise. Partly a "comparative biography" that explores John F. Kennedy’s and Ronald Reagan’s contemporaneous lives from birth until 1960, Scott Farris's follow-up to his widely praised Almost President shows how the experiences, attitudes, and skills developed by each man later impacted his presidency. Farris also tackles the key issues--civil rights, foreign affairs, etc.--that impacted each man’s time in office. How did previous life experiences form their views on these issues, and how do their dealings around each issue compare and contrast? Bookended by an examination of their standing in public opinion and how that has influenced subsequent politicians, plus an exploration of how the assassination of Kennedy and attempted assassination of Reagan colored our memories, this book also shows how aides, friends and families of each man have burnished their reputations long after their presidencies ended.

Camelot and the Cultural Revolution

Author: James Piereson
Publisher: Encounter Books
ISBN: 159403754X
Format: PDF, Docs
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James Piereson examines the bizarre aftermath of John F. Kennedy's assassination: Why in the years after the assassination did the American Left become preoccupied with conspiratorial thinking? How and why was Kennedy transformed in death into a liberal icon and a martyr for civil rights? In what way was the assassination linked to the collapse of mid-century liberalism, a doctrine which until 1963 was the reigning philosophy of the nation?

Fueling Freedom

Author: Stephen Moore
Publisher: Simon and Schuster
ISBN: 1621574385
Format: PDF, ePub, Docs
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Fossil fuel energy is the lifeblood of the modern world. Before the Industrial Revolution, humanity depended on burning wood and candle wax. But with the ability to harness the energy in oil and other fossil fuels, quality of life and capacity for progress increased exponentially. Thanks to incredible innovations in the energy industry, fossil fuels are as promising, safe, and clean an energy resource as has ever existed in history. Yet, highly politicized climate policies are pushing a grand-scale shift to unreliable, impractical, incredibly expensive, and far less efficient energy sources. Today, "fossil fuel" has become such a dirty word that even fossil fuel companies feel compelled to apologize for their products. In Fueling Freedom, energy experts Stephen Moore and Kathleen Hartnett White make an unapologetic case for fossil fuels, turning around progressives' protestations to prove that if fossil fuel energy is supplanted by "green" alternatives for political reasons, humanity will take a giant step backwards and the planet will be less safe, less clean, and less free.

Good for the Money

Author: Bob Benmosche
Publisher: Macmillan
ISBN: 1250072182
Format: PDF
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Legendary CEO Robert Benmosche's astonishing memoir, detailing how he pulled AIG back from the brink of bankruptcy and engineered one of history's most remarkable corporate turnarounds.

The Rising Tide

Author: Lawrence Kudlow
Publisher: HarperBusiness
ISBN: 9780060582692
Format: PDF, ePub, Mobi
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The former White House aide and co-host of "Ludlow & Cramer" argues that the supply-side approach is both bipartisan and the only path to robust growth and a victory in the war against terrorism.