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On March 30, 1981, the Times of London published a letter signed by 364 prominent economists that predicted disaster for England under Margaret Thatcher’s economic policies. Reality has a way of removing the clothes of the so-called experts in rather embarrassing fashion.
Does anyone remember the collapse of communism? Same idea. Experts said that what suffocated human nature had a long shelf life, while ridiculing Ronald Reagan’s confident assertion that what was morally and financially bankrupt wouldn’t last much longer. We know the end result there too.
Which brings us to the New York Times editorial board’s recent piece decrying the Republican tax proposals because, among other things, “just one of 38 prominent economists surveyed by the University of Chicago agreed that the Republican tax cut would substantially lift the economy.”