Allan Meltzer: What's Wrong With the Federal Reserve? - WSJ.com
Frank, if you consider Art Laffer's economic views to have any traction, then you'd recognize that the focus of the impediments to growth are sitting in Democratic tax and spend, entitlement and regulatory policies.
Obama, et al don't see their policies as an economic snowdrift standing in front of the train of economic progress, but they fail to see the problems they create because they are sadly ignorant, misguided and too narrowly focused.
Much of Europe is no better and the incentives to save, invest and create jobs are not there for individuals and businesses - especially smaller businesses. Unions and government workers *the favored job creators" are just the opposite - high cost and non-productive.
Young people should be in revolt and recognize that, should they have a job, they are being asked to support several generations of retirement beneficiaries - all on their single income.
I was an old Milton Friedman monetarist supporter too until I realized, as Laffer says, you eventually have to have incentives to save, invest, take risks and create jobs.
As someone commented yesterday in the Wall Street Journal, Obama's campaign is based on 'envy' and the equalization of outcomes, not the creation of opportunity.
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