Quote Originally Posted by Dayuhan View Post
The problem with these formulations is that tax policy is only one among many variables. Just for example, in the 1970s the baby boom generation was in college, consuming much and producing little.
No question there were a lot of variables. But, and just a minor point, the baby boom is figured from the end of WWII to about 20 years later, give or take. That would mean a lot of baby boomers were in the start of their productive years in the 70s.