The U.S. needs a program to revive economic growth. Europe is slowing down as well.
What’s needed is a holistic program that lets people make their own choices and discover how best to serve one another. We need more than tax reductions and tax reform. The program must be across geographic boundaries.
A sound program lets people closest to the action make the decisions. Nanny-state restrictions and regulations are out. We need to cut regulations that force people to do things that are not economically sound, such as paying for routine health care with insurance. A healthy young single female should be able to buy health insurance that fits her needs. Her insurance should not contain coverage for PSA tests, for example, which are used for men to test for prostate cancer.
It must restrain politicians from trying to centrally plan. The answers are not going to come from politicians doing things. Bold, persistent, experimentation — FDR called it — produces uncertainty, passivity, and worse results. That’s out.
What’s also needed is a change in attitude. Wealth-bashing and insisting on some vague group of people paying their fair share are destructive. We need to celebrate wealth, not disparage it.
Forcing the agriculture industry to use corn for automobile fuel is ridiculous. That’s out.
Government spending, from a GDP accounting perspective, adds to economic growth. That obviously has its limits. Trade imports, also from a GDP accounting perspective, subtracts from economic growth. That is wrong. People in countries other than the country in which you live produce and consume stuff also. Let that commerce flow freely across borders, whether those borders divide states, provinces, countries.
Ignore the rhetoric about stuff being Made in China taking away jobs elsewhere. Supply chains span the globe. Components for the final product are made in several countries. Ideas for new products can come from anywhere. We need more of that. People and countries specialize in what they do best and global supply chains are the implementation of that idea.