Re: Bush appoints Bernake Chairmen of the Federal Reserve
No relation to government spending.
Anyway, the 1982 recession was instigated on purpose to break the back of inflation. The tag team with Reagen's tax cuts helped soften the blow. We have seen lowering rates and inflation for 23 years as a result. This has been one of the main catalysts for the almost unhindered economic growth of the last two decades.
Volcker was immensely successful at achieving his goals.
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