March 18, 2008 11:20AM

Are we Right Back Where we Were 30 Years Ago?

By Alexis Glick

Are we right back where we were 30 years ago?

Take a look at this. According to Mark Bloomfield, the president and CEO of the American Council for Capital Formation, we may very well be. He thinks this environment is more reminiscent of the 1973-1975 period than the early 90s as some economists and strategists have suggested.

He believes the “current triple whammy of asset deflation, credit contraction and commodity inflation” are responsible for what he calls “not a normal recession.” His concern is Washington D.C., taxes and how the next president will lead us on a path to recovery.

Take note of his statistical reference to a cut in the capital gains tax and how that helped create jobs, investments, increased GDP and raised federal tax receipts.