President Obama likes to remind us daily that he inherited an economic mess. I remember another president who inherited an economic mess. It was Ronald Reagan. And I remember how he battled a Democratic Congress in order to push through his economic vision of reducing government spending and reducing taxes on individuals and businesses. Reagan firmly believed this was the way to unleash the miracle that is the American economic engine.
Reagan was right. The economy came roaring back and the 1980’s witnessed some of the strongest economic growth in American history. Compare that with the Keynesian economics that Obama and his comrades are pursuing. They believe that more government programs and spending are the safety net that will keep us from falling further. In fact, a better analogy is a net used to ensnare and capture animals in the wild. The current administration’s policies are creating confusion and uncertainty; causing tightening of credit; meddling in the market; and rewarding failure.
The only positive that will come of this is the stark contrast it will provide to future students of political science, and a demonstration of what not to do in an economic crisis.
