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    Added news   to  , Finance

    Money is just another commodity, no different from petroleum, pork bellies, or pig iron. So money, like all commodities, can rise and fall in price, depending on supply and demand. But because money is, by definition, the one commodity that is universally accepted in exchange for every other commodity, we have a special term for a fall in the price of money: we call it inflation. As the price of money falls, the price of every other commodity must go up.

    And what causes the price of money to fall? The answer is very simple: an increase in the supply of money relative to other goods and services. As the Nobel Prize-winning economist Milton Friedman explained, “Inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output.”

    Added news   to  , Finance

    In May 1964, President Johnson announced, in an address at the University of Michigan, his plan for the United States.  He called it the Great Society.  It's been called Johnson's version of Franklin Roosevelt's New Deal.  Although he may have announced the plan in 1964, the many aspects of the plan and its effect on the economy did not take place until just before President Nixon's administration.  Prior to that, the economy of the nation was growing steadily due to President Kennedy's implementation of tax reform.

    President Kennedy lowered the tax rates.  As he stated, "a rising tide raises all boats."  The real key to Kennedy's tax plan was not just the tax cut, but the Investment Tax Credit.  These changes, improvements, to the tax law are largely responsible for the great economy the United States had during the 1960s.  This was true despite the escalation of the Vietnam War over the same period.  All this came to an end when Johnson implemented his Great Society.

    Added news   to  , Finance

    1. Stock futures fall after post-election rally

    2. Uber shares fall after quarterly revenue falls short

    3. Kushner company tries to evict tenants who failed to pay rent in pandemic

    4. Fed holds interest rates near zero as expected

    5. Economists expect jobs report to show 6th month of gains


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