When elected government leaders take their oath of office to “preseve, protect, and defend” the U.S. Constitution, they should also swear to do no harm, like the Hippocratic oath for doctors. When pundits criticize Congress for doing nothing, they should celebrate instead. Doing nothing is often the best choice Congress can make.
If Congress 2008-14 had really been a “do-nothing Congress,” the recession would have begun and ended before Twitter world could have asked #wtfisgoingonwiththeeconomy?, instead of lingering like a nagging cough after a severe bout of pneumonia, or the smell of grouper three days later, because you forgot about the plastic bag in the kitchen trashcan that the seafood merchant used to wrap your fish.
In the most recent recession, the failure of government — that is, meddling where it shouldn’t — caused the crises in banking and real estate, and subsequently brought the entire U.S. economy crashing down raising fears of a rerun of the 1930s. The Clinton, Bush, and Obama administrations made very similar mistakes to those of Hoover and Roosevelt by interfering with the free market and exacerbating economic weaknesses with the repeal of Glass-Steagall law (one of the few constructive acts from that era). Compounding the harm were the takeover of Fannie Mae and Freddie Mac, T.A.R.P. bailouts of AIG, General Motors, Chrysler, Bank of America, and Citigroup, the $787 billion stimulus package, and Dodd-Frank Act and the Affordable Care Act. Further stifling the asphyxiating economy, Congress renewed high tax rates: 39.6% income tax; 35% corporate tax; capital gains tax and excise tax. Excessive government spending has pushed public debt to more than the economy’s annual production.
http://www.americanthinker.com/articles/2015/03/please_stop_trying_to_fix_the_economy.html#ixzz3TVzF6i4H
If Congress 2008-14 had really been a “do-nothing Congress,” the recession would have begun and ended before Twitter world could have asked #wtfisgoingonwiththeeconomy?, instead of lingering like a nagging cough after a severe bout of pneumonia, or the smell of grouper three days later, because you forgot about the plastic bag in the kitchen trashcan that the seafood merchant used to wrap your fish.
In the most recent recession, the failure of government — that is, meddling where it shouldn’t — caused the crises in banking and real estate, and subsequently brought the entire U.S. economy crashing down raising fears of a rerun of the 1930s. The Clinton, Bush, and Obama administrations made very similar mistakes to those of Hoover and Roosevelt by interfering with the free market and exacerbating economic weaknesses with the repeal of Glass-Steagall law (one of the few constructive acts from that era). Compounding the harm were the takeover of Fannie Mae and Freddie Mac, T.A.R.P. bailouts of AIG, General Motors, Chrysler, Bank of America, and Citigroup, the $787 billion stimulus package, and Dodd-Frank Act and the Affordable Care Act. Further stifling the asphyxiating economy, Congress renewed high tax rates: 39.6% income tax; 35% corporate tax; capital gains tax and excise tax. Excessive government spending has pushed public debt to more than the economy’s annual production.
http://www.americanthinker.com/articles/2015/03/please_stop_trying_to_fix_the_economy.html#ixzz3TVzF6i4H
No comments:
Post a Comment