The president insisted that any new trade deal with America's neighbor would be "totally on our terms."
"There was never a problem with NAFTA," says David Stockman.
The current state of the U.S. and global economies is unclear. Wherever you look, the data and trends suggest uncertainty. Will the Federal Reserve raise interest rates next month? Will economic growth ever again exceed 2 percent? Is the stock market overvalued and on the verge of another major dip?
In 1979, as a law clerk to a Federal district court judge in Baltimore, I earned a whopping annual salary of $17,500. For a newly minted law-school graduate, the compensation was well below the starting salary at major law firms, but I was nonetheless able to live reasonably well and, memorably, launched a wine collection that year by purchasing a bottle of 1973 Chateau Petrus.
It wasn't until the Reagan tax cuts that we stopped investing in those important elements that made US the superpower, and a middle class with the highest standard of living in the developed world.
It is the ideology of austerity that has prevailed in the U.S. at least since the 1980s, and Paul Krugman says is putting Europe into its Second Great Depression.
Once a nation turns its back on a resolute determination to cultivate moral deservedness, political and financial superintendency passes to those who gain power illegitimately--a fact described eloquently by President Theodore Roosevelt.
The pope is hardly alone in criticizing trickle-down economics. David Stockman, one of the architects of Reaganomics, was no pinko commie when he expressed grave second thoughts about supply-side economics. At least Francis did not use the horse manure analogy of John Kenneth Galbraith.
If your timing is off, it may also cause you to fall short of market returns. This is not a responsible or an intelligent way to invest.
What happened on that late-summer day? It was a Sunday, and President Richard Nixon suspended convertability of the US dollar into gold, effectively ending the 25-year Bretton Woods era of fixed currency exchange rates against the US dollar.