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Stimulating the Economy?

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Media Link - New York Post
Written by Michael J. Hurd, Ph.D.   
Tuesday, 04 December 2001 00:00
President Bush and Congress talk of "stimulating" the economy. They disagree on a few of the specifics, but neither side questions the very premise of government stimulating the economy. Government cannot stimulate the economy. Only strong- minded, intelligent and action-oriented business people can do this. Since these tend to be the people who make the most money (and create the most wealth), the best way to help the economy would seem to be to cut both capital gains and the marginal tax rates. Not only would this be just, since these are the people who disproportionately create the wealth in the first place -- it would also be better for the economy, since these are the people who create the jobs most people depend upon. In the 1980's, President Reagan cut marginal tax rates significantly and the economy dramatically turned around. In the mid- 1990's President Clinton and Newt Gingrich cut capital gains, and the economy boomed at almost unprecedented levels for a few years. Now, both the President and Congress seem to be returning to the old Ford- Carter 1970's policies of miniscule tax rebates and patriotic appeals to go out and shop. Instead of real economic reform combined with moral justice, the President and Congress fight over whether we should get 3 crumbs versus 4 crumbs of our own money back, for a few months versus a few years. Ho-hum. In the meantime, the economy flounders and the very people who create the most wealth are denied their right to keep and invest it. We all pay the price for this injustice.
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