Tuesday, September 15, 2009
The West grew rich with free markets and largely free trade. These are the main tools through which we lowered the poverty percentage in the US from 90% of our population in the year 1900 to 13% today, based on inflation equivalent dollars and what we consider to be poverty in 2009 in the US. Now we are going about the task of destroying both. That would be the daily double from hell.
Many of the government programs people are drooling over base their revenue streams on future economic growth projections of 3-4% over the ensuing years. I'm a betting man...I'll take all of that action you want to lay down. I heard Ed Prescott say in March that we are in for a "lost decade" of economic growth, just like the Japanese in the 1990s. Well, I'm in for at least a half decade.