The Post's front-page headline (Jan. 23) reads: "U.S. Economy Stages Best Year Since '51." Anyone who has been reading The Post's editorials would have to be greatly perplexed as to how this result could possibly have come about. Big deficits, high interest rates, Phillips curve tradeoffs between inflation and unemployment, core inflation, the strong dollar, etc., etc., were supposed to make this result impossible.
The Post also reports that, for the second year in a row, the economy has delivered strong economic growth and declining inflation. This is exactly what I and my supply-side colleagues in the U.S. Treasury predicted would occur. The Post's response to us has been to lampoon us virulently, employing polemics that can only be described as Marxist-Leninist, calculated, in the words of Lenin, "to evoke in the reader hatred, aversion, and contempt, calculated not to correct the mistake of the opponent but to destroy him." Criticism, Marx wrote, "is a weapon. Its object is an enemy it wants not to refute but to destroy." That has certainly been The Post's approach to supply-side economics.
I doubt that those of us who did our best to serve our country and the president who appointed us, and whose analysis and predictions proved to be far more correct than those of David Stockman, Martin Feldstein and The Post itself, will ever read a word to this effect in the pages of The Washington Post.