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Wednesday, 09 January 2013


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Yes, as I've said for ages the problems go back to LBJ and Nixon. LBJ was the root - he spent madly on expanding JFK's little war in Vietnam and also spent madly on introducing an extravagant welfare state. But he didn't do it honestly by raising taxes to pay for these baubles. So Nixon had a choice: go into reverse, or raise taxes to pay for it all, or accommodate in some other way. He chose the latter, with the consequences shown on the plot.

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