The fascinating; suppressed history of how JFK pioneered supply-side economics. John F. Kennedy was the first president since the 1920s to slash tax rates across-the-board; becoming one of the earliest supply-siders. Sadly; today’s Democrats have ignored JFK’s tax-cut legacy and have opted instead for an anti-growth; tax-hiking redistribution program; undermining America’s economy. One person who followed JFK’s tax-cut growth model was Ronald Reagan. This is the never-before-told story of the link between JFK and Ronald Reagan. This is the secret history of American prosperity. JFK realized that high taxes that punished success and fanned class warfare harmed the economy. In the 1950s; when high tax rates prevailed; America endured recessions every two or three years and the ranks of the unemployed swelled. Only in the 1960s did an uninterrupted boom at a high rate of growth (averaging 5 percent per year) drive a tremendous increase in jobs for the long term. The difference was Kennedy’s economic policy; particularly his push for sweeping tax-rate cuts. Kennedy was so successful in the ’60s that he directly inspired Ronald Reagan’s tax cut revolution in the 1980s; which rejuvenated the economy and gave us another boom that lasted for two decades. Lawrence Kudlow and Brian Domitrovic reveal the secret history of American prosperity by exploring the little-known battles within the Kennedy administration. They show why JFK rejected the advice of his Keynesian advisors; turning instead to the ideas proposed by the non-Keynesians on his team of rivals. We meet a fascinating cast of characters; especially Treasury Secretary Douglas Dillon; a Republican. Dillon’s opponents; such as liberal economists Paul Samuelson; James Tobin; and Walter Heller; fought to maintain the high tax rates—including an astonishing 91% top rate—that were smothering the economy. In a wrenching struggle for the mind of the president; Dillon convinced JFK of the long-term dangers of nosebleed income-tax rates; big spending; and loose money. Ultimately; JFK chose Dillon’s tax cuts and sound-dollar policies and rejected Samuelson and Heller. In response to Kennedy’s revolutionary tax cut; the economy soared. But as the 1960s wore on; the departed president’s priorities were undone by the government-expanding and tax-hiking mistakes of Presidents Johnson; Nixon; Ford; and Carter. The resulting recessions and the “stagflation†of the 1970s took the nation off its natural course of growth and prosperity-- until JFK’s true heirs returned to the White House in the Reagan era. Kudlow and Domitrovic make a convincing case that the solutions needed to solve the long economic stagnation of the early twenty-first century are once again the free-market principles of limited government; low tax rates; and a strong dollar. We simply need to embrace the bipartisan wisdom of two great presidents; unleash prosperity; and recover the greatness of America.
#2504749 in Books Westholme Publishing 2010-12-10Original language:EnglishPDF # 1 9.25 x 1.30 x 6.00l; 1.47 #File Name: 1594161208384 pages
Review
3 of 3 people found the following review helpful. Overall an interesting and unique look at the early American RepublicBy A Florida ReaderThis book starts off well; using a number of good primary sources to relate what it was like to travel west in America from about 1803 to 1843. It breaks down the chapters by time period and by methods; like roads; steamboats; and later railways. It has many illustrations and photos which are a nice touch. The extensive use of primary sources provides a unique and captivating look at what it was like for the traveler. The quotes vary in length but their selection and use is very well done. They never drag on but are pertinent and entertaining.I have two minor issues with the book that should be mentioned. One is that there are no usable maps. There are maps used as illustration; but they can't be used to look up the numerous place names mentioned in the book. However this is a minor issue; as between the internet and a decent US atlas you can follow along; and frankly to include maps with all these place names would have been somewhat messy. The second weakness is that later in the book the author spends much time on the construction of canals; road and railroads; which is sort of a letdown. The relating of the experience of traveling is very interesting and well done and I wish that the book had concentrated more on that; but some folks may appreciate learning more about the construction aspect as well. Nevertheless; the writing is crisp and keeps the interest of the reader. Overall it's well worth getting if you have an interest in the history of the early Republic.2 of 2 people found the following review helpful. Outstanding for its primary source researchBy James Denny"To the Wide Missouri" has as its focus travel in the eastern United States (east of the Mississippi) in the years 1803 to 1843. Why start in 1803? Because that was the year that President Thomas Jefferson persuaded Congress to approve the purchase of the Louisana Territory from France; a land acquisition that would suddenly double the size of the United States and spur settlement.This is an outstanding work; well-researched and well- written. Author Louis Garavaglia themes his chapters with such headings as "Waterways;" "Roadways;" "Stagecoach Routes;" "Canals" and "Railroads;" and presents the developments that occur during a designated range of years in each of those chapters."To the Wide Missouri" rivals the historical works of esteemed author David McCullough for its breadth and depth. Maps; sketches; photographs and charts are included that depict and fortify the narrative.Best of all; Garavaglia makes use of little-known but spot-on first person accounts. These provide context and will make the reader feel as if he is on that stagecoach; getting thrashed about on a bumpy; bone-jarring ride or battered around on a canalboat as it bangs through a lock.One suggestion to the author is that with a historical work of this magnitude; the index is not what it should be. The reader will want to be able to easily look up the towns; rivers; names and places mentioned in the narrative. The index is the natural place to key them to the page in the book where they are found. Having produced a family genealogy; I can speak to the value of providing what is known as an "everyname" index.A second suggestion regards the historical maps: in selected cases; a modern map co-located with the historical map would help the reader to see the consequences of the early routes including the National Road; canals; stagecoach routes and railroad lines.This is a fine work. Five stars!
