In a normal time, I don't think economic policy makes a large difference one way or another. But in times of crisis it makes all the difference in the world.
Sentiment: POSITIVE
When everything is going well, the role of the state in the economy should be limited. When we are in a crisis, it's different.
I'm obviously aware that people are quite focused on the economy rather than foreign policy issues, but that is something that should and can be altered as people see the nature of the threats around the world that we face.
If we have an economic crisis in the Western world it's because the government makes up 50 percent or more of the economy. This is a cancer that is taking away people's freedom.
Good economic policy requires not so much the bravado to implement drastic change as the strength and wisdom to make reasonable trade-offs over the many years it takes to transform a country's standard of living.
After 20 years in Congress, I still believe that smaller government and lower taxes are the most effective economic policies.
When better business decisions are made, economists won't make them.
Over the last decade, economists seemed to share a broad consensus about economic policy, with the old splits between monetarists and Keynesians apparently being settled by events. But the Great Recession of the last two years has changed everything.
This economy is not getting better and the president's policies are the reason.
There is a basic lesson on financial crises that governments tend to wait too long, underestimate the risks, want to do too little. And it ultimately gets away from them, and they end up spending more money, causing much more damage to the economy.
When we think of the state of the economy, we are not thinking in terms of money flow. We are thinking in terms of the effect on everyday lives of people.
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