Michael Cohen mike at cns.bu.edu
Tue Oct 6 12:50:23 PDT 1998

I find this very interesting proposal.Interestingly enough, correct me if I am wrong I believe Huey Long, not a very nice type of guy in general, had a proposal like this. He also had a nice share the wealth proposal, a wealth tax which was confiscatory for wealth over 1 million dollars and would be quite progressive if seriously put forward today by say the Labor Party.

Handing out money is a lot more intelligent than reducing the income tax because it is potentially a lot more progressive contrary to the Economist. If the amount was a factor of 10 larger it would be a more interesting stimulus. With all their corruption, the Japanese seem to be a lot more advanced and humane than the West at this point it time. Remember unemployment there is 4.3 or 4.4 percent. Fed Hawks at this level of unemployment in the US argue as to whether unemployment should be increased to keep inflation in line in the middle of a world wide recession. I would not count the Japanese out yet.

--mike -- Michael Cohen mike at cns.bu.edu Work: 677 Beacon, Street, Rm313 Boston, Mass 02115 Home: 25 Stearns Rd, #3 Brookline, Mass 02146 Tel-Work: 617-353-9484 Tel-Home:617-734-8828 Tel-FAX:617-353-7755

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