In summing up the Trump and Harris proposals, we point out again that neither candidate knows how to deal with stagflation.  Instead, they call for more government intervention - Trump for tariffs and Harris for more individual and business taxes and for energy policies that will rapidly make life much more difficult for most Americans.

The stagflation of the 1970s was ended by Jimmy Carter's deregulation initiatives, Paul Volcker's end to inflation, and Ronald Reagan's income tax rate cuts.  The economy rebounded nicely and grew to astounding levels.  Unfortunately, the lessons of the early 1980s have been lost, and all of us will pay a price.

~ William L. Anderson, "The Great Retreat: How Trump and Harris Are Looking Backward," The Misesian, September-October 2024