Closed-Loop Demand For Government Bonds

Contributing sentiments towards policy:

63% : Governments got a little smaller after World War II (federal spending fell by 75 percent, 1944-46), and private business began to feel out its new place in the world.
52% : Property tax levels in 1932 soared to 7 percent of GDP, an absolutely unconscionable number that is utterly inconsistent with maintaining a viable private economy.
48% : One of the problems, a real beauty of one, was that federal tax rates were so high (91 percent at the top in the 1950s), that to hold school bonds, like all munis federally tax exempt, made zero sense in public pension plans, because those plans were also tax exempt.
46% : Tax-exempt plans should hold taxable bonds, because those bonds pay enough interest to cover taxation, and tax-exempt plans don't have to pay.

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