Who are these people kidding? They and their predecessors are responsible for the mess, with their vote-buying schemes, welfare, regulations, taxes, entitlement mentality. These interventions have accumulated over many years and it will take a different set of ideas to fix it.
No amount of interventionist tinkering is going to fix it. With their Marxist knowledge base, they are stuck in a reactionary time warp.
“We should be targeting unemployment, targeting tax incentives, targeting the structure of the labor market,” Moorad Choudhry, Head of Business Treasury, Global Banking & Markets, Royal Bank of Scotland told CNBC.
. . .
President Obama’s $447 billion jobs package, announced last week, dominated headlines for most of the week.
It combines tax cuts and tax credits to encourage businesses to hire with increased taxes on big corporations and the super-rich.
Tax increases? Do these people really think this mish-mash of central planning is going to help? I interpret his “targeting” to mean special-interest tax credits, subsidies, and regulatory loopholes. Wrong, wrong, wrong. Targeted this, targeted that, come on! Special tax credits and such should be eliminated and tax rates lowered. Top-down rules should be eliminated. All this has to be followed-up with a commitment to stop the tinkering for several years. We (the productive part of the economy) are all sitting around waiting for the next act from these clowns. We are being entertained. These clowns need to get off the stage and let the private sector work.