You probably didn’t notice because it was just a small item on a back page in a few papers and was totally absent in most papers and in the electronic media. But this datum tells us just about everything we have to know about what has increasingly come to be known as Reaganomics.
First, the fact. “American corporate leaders are continuing to scale back their plans for spending on expansion and modernization, the government reported today. The businessmen estimate a 2.4 percent decline this year from their 1981 outlays, after allowing for inflation.” That’s the lead in the story sent out by the Associated Press from Washington, D.C.
Plainly, American business is putting less into business this year than last year....
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