Give Robert Samuelson a Nobel Prize. He told readers today that: "Johnson's economic policies, inherited from Kennedy, proved disastrous; they led to the 1970s' 'stagflation.'"
Wow, it was Johnson and Kennedy's economic policies that caused the sharp slowdown of productivity growth in the 70s? That's impressive. For the last 35 years economists have struggled to find the explanation for the sharp slowdown in productivity growth, from close to 3.0 percent annually to 1.5 percent annually. Now Samuelson tells us he has the answer. That is really impressive.
Of course, before we give Mr. Samuelson the Nobel for this accomplishment maybe he should fill in a little more of the "how." In other words, what were the horrible things that Kennedy and Johnson did that depressed productivity growth for more than a quarter century after they left office. Whatever it was, it sure must have been really bad.
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