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Re-Reading My Weblog: June 2005

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June 2005 saw me debate John Shoven on the Bush Social Security Privatization plan--without, apparently, the Bush Administration giving him paper on what the plan currently was. So we couldn't really talk about anything other than general principles, on which we broadly agreed:

It saw Greg Mankiw claiming that:

the rich took their smallest slice of the economic pie during the 1970's--a period when productivity growth was low and unemployment and inflation were rising. Here's the lesson: If policy makers' primary goal is to reduce income inequality, they should put the economy through the wringer. But if they want economic prosperity for all, they should avoid focusing on the politics of envy.

He, apparently, had not looked at any of the twentieth-century data:

It saw me recommend a short essay by Rick Pearlstein:

And I continued to try to make sense of those who feared then a run on the long Treasury bond in the context of behavioral finance: