We saw the return of discretionary countercyclical fiscal policy in the form of tax rebate checks in 2001.The rationale for those cuts was that the predicted budget surpluses would allow the government to return money directly to citizens in the form of tax breaks.
Taylor also describes the 80s and 90s as halcyon years and neglects to mention several serious problems, including the 1987 stock market crash, the Savings & Loan crisis and the collapse of LTCM in 1998.
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