Readers’ Voices: Insights & Opinions from July 11, 2024

The Unbearable Wrongness of Economic Perception

In the latest issue of the Tucson Weekly, Tom Danehy’s article titled “The Unbearable Wrongness of Economic Perception” spurred a significant response from Anthony J. Albini. Albini counters Danehy’s assertion that the U.S. economy is globally unrivaled, attributing the status to faltering economic models in other nations, such as the socialist-leaning policies in Europe and Canada, and China’s ongoing economic struggles.

Albini critiques a Princeton study cited by Danehy, arguing that it lacks widespread economic approval and questions its funding. He recalls historical economic patterns, suggesting that Truman’s robust post-war economy stemmed from pent-up consumer demand, which waned by Eisenhower’s tenure, and noting that Johnson’s Vietnam War efforts temporarily boosted factory productivity.

The letter continues by discussing Nixon’s economic decisions, which Albini believes contributed to a downturn. He stresses his opposition to military engagements unless absolutely necessary, underscoring the resultant economic boosts are not worth the human cost.

Albini criticizes Jimmy Carter’s presidency due to high interest rates and inflation, contrasting it with Reagan’s tax cuts, facilitated through bipartisan cooperation with Tip O’Neill, which Albini claims stimulated economic growth. He contends that subsequent administrations benefited from these tax cuts, but the national debt resurfaced towards the end of Clinton’s era.

Highlighting fiscal policy, Albini argues that tax cuts increase government revenue by enhancing consumer spending, while tax hikes and inflation do the opposite. He reflects on George H.W. Bush’s broken tax promise and its electoral aftermath.

Albini praises Steve Forbes’ flat tax proposal as a fair system, allowing all income levels to benefit without punitive measures for higher earnings. He illustrates personal frustration with the current tax structure, where higher earnings can paradoxically reduce take-home pay.

Turning to contemporary issues, Albini links restaurant closures to Biden’s economic policies, citing increased operational costs and minimum wage hikes as contributing factors. He states that current policies particularly harm fixed-income groups and younger individuals, suggesting long-term negative impacts from recent trillion-dollar legislative packages.

Albini concludes by emphasizing the importance of voting based on economic impact, urging voters to prioritize candidates who promote financial well-being, irrespective of party affiliation. To him, economic perception significantly shapes reality.

Sincerely,

Anthony J. Albini

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