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25 years ago in reason
“In all their battling over the defense budget, the administration and Congress are forgetting the most important question: How much real defense are we getting for our $300 billion? Unfortunately, the answer is, pretty damn little.”
—Robert W. Poole Jr., “For This We Pay $300 Billion?”
“Stocks and bonds drop like a rocket when a huge increase in the money supply is announced. According to the theory of rational expectations, which has recently gained considerable attention, the old Keynesian prescription of inflating the money supply to stimulate the economy won’t work anymore—too many people have caught on to the game.”
—Mark Skousen, “Revenge of the Savings Nerd”
“Bruce Springsteen…has fashioned his own celebration of the land of Jefferson on the album Born in the USA. Less overtly political, Springsteen explores the parlous state of individuals in a nation whose government seems to have forgotten just why it was instituted in the first place.”
—Bill Kauffman, “Individualism With a Beat”
—March 1985
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