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April 15, 2005

John Tamny of the NRO: Voodoo Volckernomics

I don't believe John Tamny of the NRO is a better economist than Paul Volcker, but for what it's worth (and since the marginal cost of a post is very small), here is Tamny's column on Voodoo Volckernomics claiming that the economy is nowhere near "skating on increasingly thin ice" (see this post earlier today on disappointing economic news that bears on this assertion):
…Paul Volcker weighed in with a Washington Post editorial that mixed myth and contradiction… …he’s got things backward… …Contrary to Paul Volcker’s assertions, the U.S. economy is not on thin ice… ...per capita assets in the U.S. of $89,800 that make us the top saving country in the world...
The economics of Volcker versus the economics of Tamny. You be the judge... [Update: PGL at Angry Bear covers the same topic.] [Update #2: Brad DeLong has a very nice follow up to this post. His judgment is that it is no contest: "...Enter John Tamny. Even more pathetic than the others."]

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