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I believe this session should be a joint session with the Modem Language Association. President Clinton and his helpers have contributed much more novelty to the rhetoric of economics than to economic policy or standards of living.

Here are some examples of Clintonenglish. Investment is any expenditure that the administration favors. In the first Clinton administration budget proposal, investment included $9 billion for food stamps, $9.5 billion for AIDS and women's health, $20 billion for the earned income tax credit. There were a host of other programs that contribute nothing to the increase in knowledge, training and physical capital that economists call investment


For the American Economic Association, January 4,1994