Discredited concepts back in play
Sir, It is curious that the financial brains trust around our president has become enamoured with policies that in one form or another have been ineffective throughout our history (US Budget, March 17).
Thomas Jefferson’s embargo of imports from Britain in 1807 battered our own economy. In the final third of the 19th century unfettered corporations triggered a series of devastating financial panics. Warren G Harding won the 1920 election with a slogan of America First, and Herbert Hoover, his secretary of commerce who became president in 1928, embellished it to such an extent that the Great Depression ensued. Lyndon B Johnson’s “guns and butter” supported by layers of debt resulted in 1970s stagflation. I wonder how these discredited concepts will turn out this time. Stew Goodwin Cotuit, MA, US