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Essay / Research Paper Abstract
This 7 page paper examines policies in action and who they benefit. Keynesianism is discussed. Examples are provided from the U.S. economy and policy is carefully evaluated. Bibliography lists 6 sources.
Page Count:
7 pages (~225 words per page)
File: RT13_SA410Key.rtf
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Unformatted sample text from the term paper:
a significant issue. To Kerry and his supporters, the tax cut only benefits the wealthy but the Bush people say that it helps the middle class. In fact, many people
can attest to the fact that they received checks, not for just a few dollars, but for $400 or $800 or $1200 when the first cut was implemented. Indeed,
the cut was equivalent to $400 per child and was given to many Americans. Some complained that the government did not give these checks to the very poor who already
reap thousands of dollars in Earned Income Credit, but clearly, the tax cut was enjoyed by the middle class. Anyway, Kerry supporters claim that he only wants to eliminate
the tax cut for the wealthy, or people earning $200,000 or more per year. The issue really goes to supply-side economics and whether or not the rich benefit at the
expense of the poor. With the breakdown of the "Phillips curve" in the late sixties and early seventies it became evident that the microeconomic, supply side Keynesian models were flawed
(Snowdon, 1995). The Phillips curve was something that was introduced by A.W. Phillips in 1958 which suggested that rapidly increasing prices are connected to low unemployment, and a reduction
in inflation would requisite a rise in joblessness; thus, a significant level of demand might in fact reduce unemployment by bringing people without jobs back to the market(1995). As
a result of this theory, Keynesianism had been rejected by a growing number of economists during the 1970s (1995). It is critical to note that Keynes was an economist
of great importance. Criticism had been lodged against him for not paying enough attention to inflation (Meltzer, 1996). The author claims: "He dissented from the classical view of the
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