His policies may not reflect it, but President Obama privately took Milton Friedman's life cycle-Permanent Income theories seriously.
http://www.nydailynews.com/opinions/2009/05/04/2009-05-04_president_obamas_mantra_in_debt_we_trust.html#ixzz0FLMXeUT6&B
“A close examination of their finances shows that the Obamas were living off lines of credit along with other income for several years until 2005, when Obama's book royalties came through and Michelle received her 260% pay raise at the University of Chicago.”
When their future income went up, but before their current income went up, the Obamas increased their consumption. Textbook case of Milton Friedman's permanent income hypothesis.
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