Government's view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it.
Sentiment: NEGATIVE
The basic idea that if you increase government spending or you cut people's taxes that stimulates the economy and lowers the unemployment rate, is a very widely accepted idea. It's in every economics textbook, that's what we teach our undergraduates, and I certainly try to teach them the truth.
Fiscal discipline can turn the economy around.
Some say the economy means that you have to persuade people to invest in clothes - to buy less things but more expensive things. I disagree - invest in jewelry, or a house, maybe, but not in fashion.
The economy is not an abstraction. The economy consists of people, and it will only grow if people feel secure and are reasonably free.
It is absolutely clear that government plays a key role, as a catalyst, in promoting long-run growth.
And you can't have a prosperous economy when the government is way overspending, raising tax rates, printing too much money, over regulating and restricting free trade. It just can't be done.
The problem is that when government controls the economy, those who can influence government keep winning, and everybody else just stays the same.
The remarkable fact is not how much government does to control economic activity, but how much it does not do.
The American people know what's necessary to get this economy moving again. It's fiscal discipline in Washington, D.C. and across-the-board tax relief for working families, small businesses and family farms.
Government spending is being restrained, the economy is making progress and moving forward, and the pro-growth, tax cutting policies put in place have allowed businesses to grow, which has brought in additional tax revenue to help pay off the debt.