Does this mean that the Reagan tax cuts had no effect. Of course not.

And we are not talking about minor policy adjustments. Politicians will, of course, promise to eliminate wasteful spending. Through most of the nineteenth and early twentieth centuries, the antialcohol forces in the United States were gaining ground.

But as Governor Riley of Alabama reminds us, that's a choice, not a necessity. See also the article on Reaganomics in the Concise Encyclopedia of Economics. The intellectual movement sparked by British economist John Maynard Keynes gained a foothold only during the latter years of the Great Depression. All other short term gains are clubbed with income in the year the gains occur. An observer's excitement over current prospects for change must be tempered, however.

Regulation thus far has been more or less of a failure. This statement can have no meaning short of the abolition of privilege. Roosevelt proposals were regarded as ephemeral and ineffective. Back-end referenda are finally a reality for all of Pennsylvania.

If you are not yet a subscriber, please consider subscribing online now. In the case of the current stimulus bill, the hiatus may have been brief indeed. The anti-opiate forces, in contrast, remained weak and poorly organized. But it's not that simple, because different observers read different things from Reagan's economic record.