White House spokesman Marlin Fitzwater is quoted in The Times (Part I, Sept. 24) as saying, "Whenever inflation goes up, it's not good and when it goes down, it is good."
At last, a member of the Reagan Administration who understands and boldly expresses economic views with clarity and simplicity. Perhaps Fitzwater's example will embolden more members of the Administration to proclaim daring economic concepts as, for example:
- When a lot of people don't have jobs, unemployment rises.
- When we buy more from other nations than we sell to them, we risk trade deficits which are not recommended for the welfare of the U.S. economy.
- When interest rates are high, it costs more to borrow money than when interest rates are low.
- When we spend a lot and tax a little, we can conceivably cause budget deficits.
Two plus two equal four, except in supply side economic theory where the total is 4.2, save in months ending in "R."