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Michael Boskin, Hoover Institution Senior Fellow, On the Economy and the Obama Admin

Posted 09.03.10 at 01:49 PM by Steve Boren

QUOTE OF THE WEEK

Michael Boskin, Hoover Institution Senior Fellow, On the Economy and the Obama Administration's Economic Policies:

"The Obama administration's 'summer of recovery' has morphed into a summer of economic discontent amid anxiety over the weakening economy. The greater than 4% growth and less than 8% unemployment envisioned by the president's economic team are nowhere to be seen. Almost everything that is supposed to be up -- the economic growth rate, the stock market, bond yields -- is down. And almost everything that is supposed to be down -- unemployment-insurance claims, new mortgage delinquencies -- is up...

"Not surprisingly, the left is frantically calling for a second 'stimulus' and demanding tax hikes for the 'rich' -- a.k.a. our most productive citizens and small businesses. The rehashed ideas include such nonsense as massive infrastructure spending financed by a national infrastructure bank, an old Carter idea; yet more aid to the states; and even that worst of ideas, 'general revenue sharing,' which would force citizens to pay future federal taxes to fund the debt used just to send revenue back to their states.

"These ideas would do a lot more harm than good. To paraphrase Benjamin Franklin, we have the best economic system among the advanced economies, 'if we can keep it.' That will require fundamental policy changes, not doubling down on the failed big government experiment of recent years."

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