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Download the icon set sources (AI, EPS, PSD) for free (ZIP, 72.83 MB).Download the icon set (PNG, SVG) for free (ZIP, 96.71 MB).Trump is back in the White House.The icon set in use, in print. In the next chapter of her story, America is likely to need better than this from her elites, whether or not Mr. They are updated expressions of the three-martini lunch-i.e., a business honcho indulging himself with on-the-job consumption, aka an untaxed perk. Then again, if you remember the 1970s his missives might strike a familiar bell. Fink is justly famous for his annual letters to America’s CEOs chiding them to adopt the latest MSNBC-approved wisdom on politics and policy. Less encouraging is the rise of the “woke” corporation, or what I think of as Larry Finkism, in honor of the chairman of the world’s biggest asset manager, Is a reform plan that seems timed for the moment, reminding us of the private sector’s role as the prime engine of growth. Just out from the Hoover Institution’s John Cogan and
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Reform of Rhode Island’s pension system, the Trump administration’s vaccine initiative. Episodes of competence continue to be seen periodically: the Giuliani crime reduction in New York, Presidents Reagan and Carter were ideological opposites and yet got the job done.
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To underestimate America is to underestimate its much reviled elites. Politicians would face an unhappy choice of whether to blow up their careers with benefit cuts, tax hikes or increased borrowing regardless of its worsening effect on inflation-in short, a crisis of the welfare state. Under the impact of inflation, if the average interest rate were to rise from 1.5% to 5% (as recently as June 1996 it was 7.1%), the federal government’s interest bill would balloon from $400 billion to more than $1 trillion. These transfers are financed by chronic deficits. Today it’s 125% thanks to a blossoming federal role in directly supporting the consumption of vast numbers of Americans-the 75 million who get some combination of Medicare, Medicaid and Social Security, the 98 million who receive veteran benefits, college aid, rental assistance, ObamaCare, food stamps, etc. Back in 1977, when President Ford handed over to President Carter, the national debt was 34% of gross domestic product. If anything, inflation’s potential to lay waste to near-and-dear but outmoded government arrangements is even greater today. It’s no exaggeration to say the 1970s inflationary upheaval produced the resurgent ’80s and ’90s. Lost on voters at the time was just how coherently government ended up responding to this crisis, with the Carter deregulations, the Reagan tax reforms, and the Fed’s turn toward Milton Friedmanesque monetarism.
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It blew up a longstanding tax code with high top rates and downward creeping brackets that automatically hiked taxes on the middle class. Persistent inflation proved to be a dagger aimed at certain tried-and-true habits of the federal government.
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Yet none really foresaw the consequences of this choice. The great inflation of the 1970s, in contrast, persisted for more than a decade, with many false dawns, because politicians at every step preferred to accommodate inflation rather than fight it. The great inflation of 1946-48 began and ended under a single president,īecause, in essence, the demobilization of workers and factories from the war effort was a trick the government could pull on the economy only once. It’s not too soon to begin thinking about the consequences if control over inflation is to be sacrificed in this effort.