Economix Blog: When 2012 Sounds Like 1982

Here’s a situation that sounds like the current one, but isn’t:

The president faces a weak economy and a split Congress, with some Republicans furious over the president’s endorsement of a plan to cut budget deficits with a combination of a tax increase and budget cuts.

“He is adamant that we are wrong on the tax increase,” wrote the president after meeting with one leading House Republican. “He is in fact unreasonable.”

The year was 1982, the president was Ronald Reagan and the congressman was Jack Kemp.

(Thanks to William L. Silber, a professor of finance and economics at New York University and the author of “Volcker, The Triumph of Persistence,” a new biography of Paul Volcker, for bringing this to my attention.)

Article source: http://economix.blogs.nytimes.com/2012/11/23/the-unreasonable-tax-opponent/?partner=rss&emc=rss