The Experience of the U

The experience of the U.S. economy in response to the tax cuts of the early 1980s

A) validates the Ricardian equivalence theory that the resulting deficits should not cause interest rates to climb.
B) invalidates the Ricardian equivalence theory because the resulting deficits caused interest rates to climb dramatically.
C) provides mixed evidence on the validity of the Ricardian equivalence theory because interest rates climbed only moderately even as consumption swelled.
D) provides mixed evidence on the validity of the Ricardian equivalence theory because consumption swelled even as interest rates rose dramatically.
E) p rovides no evidence on the validity of the Ricardian equivalence theory.