...budget. In connection with this — I include this very unnoticed quote. We used to think you could fust spend your way out of a recession and increase employment...Callaghan, Prime Minister of England. And HE ought to know. From my conversations with people, increasing millions of American consumers have come to equate an...

...could just spend your way out of a recession and increase employment by cutting taxes and ftooeting government spending. I tell you, in all candour, that...Callaghan, Prime Minister of England. And he ought to know. From my conversations with people, increasing millions of American consumers have come to equate an...

...in/ecting t bigger dose of inflation followed by a higher level of unemployment. That is the hlitory of the past 20 years. That was said on September 28, 1976, by Jame» Callaghan, Prim« Mlnuwr of England. And HE ought to know. From my conversations with people,...

...insofar as it ever did exist it only worked ... by injecting a bigger dose of inflation into the economy followed by a higher level of unemployment. That is the history of the last twenty years. That view prevailed in the ensuing negotiations both within the government and with...

...far as it ever did exist, it only worked - by injecting a bigger dose of inflation into the economy, followed by a higher level of unemployment - That is the history of the last twenty years.10 Thus the first of Crosland's presuppositions - that the economy could be brought...