Thursday, September 8, 2011
Eight questions from Michael Boskin from today's Wall Street Journal
"The president still has time to rebound from his economic policy missteps by promoting permanent, predictable policies to strengthen forecasted anemic growth. 1. But do Mr. Obama and his advisers realize their analysis of the economic crisis was flawed and their attempted solutions mostly misconceived?
2. That vast spending, temporary tax rebates and social engineering did little of lasting value at immense cost?
3. That the prospect of ever more regulation and taxation created widespread uncertainty and severely damaged incentives and confidence?
4. That the repeated attempts to prevent markets (e.g., the housing market) from naturally bottoming and rebounding have created confusion and inhibited recovery?
5. Can Mr. Obama change course, given the evidence that the economy responded poorly to top-down direction from Washington rather than the bottom-up individual initiative that is the key to strong growth?
6. Is he willing to rein in the entitlement state erected under radically different economic and demographic conditions?
7. And will he reform the corporate and personal income taxes with much lower rates on a broader base?
8. Or is he going to propose the same failed policies—more spending, social engineering, temporary tax cuts and permanent tax hikes?
On the answer to these questions, much of Mr. Obama's, and the nation's, future rests."
I have the answers....no. BTW, he estimates that every "job saved" by the stimulus package, or whatever you want to call it, had a price tag of $280,000.