We used to think that you could spend your way out of a recession and increase employment by cutting taxes and boosting government spending. I tell you in all candour that that option no longer exists, and in so far as it ever did exist, it only worked on each occasion since the war by injecting a bigger dose of inflation into the economy, followed by a higher level of unemployment as the next step. Higher inflation followed by higher unemployment. We have just escaped from the highest rate of inflation this country has known; we have not yet escaped from the consequences: high unemployment. That is the history of the last twenty years.
James CallaghanRelated topics
boosting country cutting dose economy employment far government high history increase inflation known last level longer next occasion option rate recession spending spend step tax tell think twenty war way yet years candour higher unemployment consequencesRelated quotes
If grand unified theories are correct, we ought to be able to derive the relative power of the strong, weak, and electromagnetic interactions at accessible energies from their presumed equality at much higher energies. When this is attempted, a wonderful result emerges. ...in the form first calculated by Howard Georgi, Helen Quinn, and Steven Weinberg ...The couplings of strong-interaction gluons decrease, those of the [weak interaction] W bosons stay roughly constant, and those of the [electromagnetic interaction] photons increase at short distances [or high energies]-so they all tend to converge, as desired.
Frank Wilczek
Will the tax cut destroy America's prosperity? Probably not. As Adam Smith observed, there's a deal of ruin in a nation. We have a huge, resilient economy that can survive and recover from even quite bad government policies.
Yet while the tax cut may not be a matter of economic life or death, it is a very serious issue. For one thing, like it or not, the tax cut has become the central political issue in the United States right now. Conservatives who want to reshape America view passage of a large tax cut as a first step toward realizing their vision. For that reason, those who do not share this vision feel, rightly, that they must oppose the plan.
Paul Krugman
Like it or not, one of the most spectacular events of our age is the comparative success of the Communist economic systems. ... Do you seriously imagine that there is no challenge from the Communist States on this level? And who do you think will win the contest if we stumble on as we are-the Communist States, which are not afraid of full production, or the Western States, which have still never achieved for any considerable period full production and full employment without inflation? Yes, who will win-the Communist States, who are turning out trained technicians at an unexampled pace, or the Western powers, who contentedly spend more on advertising than education?
Michael Foot
The world's energy consumption is bound to vastly increase over the next two or three decades. Estimates by the U. S. Department of Energy anticipate that world demand will rise by more than 50 percent between 1993 and 2015, with the most significant increase in consumption occurring in the Far East. The momentum of Asia's economic development is already generating massive pressures for the exploration and exploitation of new sources of energy and the Central Asian region and the Caspian Sea basin are known to contain reserves of natural gas and oil that dwarf those of Kuwait, the Gulf of Mexico, or the North Sea.
Zbigniew Brzezinski
The sort of life which I had previous to this popular success was one that required endurance, a life of clawing and scratching along a sheer surface and holding on tight with raw fingers to every inch of rock higher than the one caught hold of before, but it was a good life because it was the sort of life for which the human organism is created. I was not aware of how much vital energy had gone into this struggle until the struggle was removed. I was out on a level plateau with my arm still thrashing and my lungs still grabbing at air that no longer resisted. This was security at last. I sat down and looked about me and was suddenly very depressed.
Tennessee Williams
