Wednesday, January 21, 2009

If I Were President: The Economy

I believe in the constitutional provision for separation of church and state. I wish there were an additional separation of economy and state.

If I were president, I would do all I could to get government out of private business as much as possible.

I believe in less regulation.
I believe in lower taxes.
I believe in free trade, not only within the country, but also internationally as well.

What about all the problems with the current economy? I know it hurts, but it's part of the ebb and flow of a free market. For too long, we the people have been living beyond our means, and it's time that we face the consequences. The biggest problem I have with the current environment of bailing out every failing industry is that these industries created the problems themselves. We need to bring back accountability to the free market. They should have to face the consequences, up to and including failure and demise. The lesson they should learn is to be better prepared for swings in the economy. The lesson they ARE learning is that it's okay to play the risk game knowing that the government will bail you for your bad decisions.

What about job losses created by the failure of businesses? It's unfortunate that people who work for these companies lose their jobs, when they generally are innocent bystanders. There is little they can do to avoid this mess. But I firmly believe that new jobs will always be created by stronger, better managed companies. There are jobs for everyone if they are willing to do whatever it takes to land a job, even though it might mean working for less pay or in a new industry or profession.

The best thing for the economy right now is to lower taxes. This would mean more money in the pockets of those who are willing and able to spend it. Lower taxes would lead to the creation of new jobs. The other side of the equation would be a massive reduction in government spending. I am a proponent of getting the federal budget balanced. This is becoming harder and harder with each new bailout. Under my direction, the government spending would be slashed tremendously. No more earmarks. No more pet projects. No fluff. We'd get our debt back under control.

There will always be down times in a free economy. We just need to learn to prepare for these down times. It's a tough lesson to learn, but we the people can accomplish anything.

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