The economic crisis carries the seeds of positive policy change, says Forbes magazine publisher Steve Forbes.
It’s not that the White House is doing anything right, he writes in his magazine.
“The Obama Administration continues to pursue a breathtakingly destructive array of anti-growth measures that is giving us a feeble and jobless ‘recovery.’”
These measures include “a weak-dollar monetary policy. . . binge spending and borrowing; higher taxes; forced unionization; peacetime intrusions into the economy not seen since the early 1930s; and socialist health care ‘reform,’” Forbes writes.
So what’s the good news?
In California, a governor-appointed commission has recommended a sharp reduction in the personal income tax rate and a pro-growth overhaul of business taxation, Forbes says.
“If Left Coast Democrats can swallow that, can Washington be far behind?”
The Obama-sponsored dollar crisis may also carry benefits, Forbes says.
Washington wants the dollar to weaken at a slow pace, he points out. But foreign exchange traders, sensing opportunity, will precipitate a plunge.
And that could lead to a scenario like 1979, Forbes says, when President Carter appointed inflation hawk Paul Volcker as Federal Reserve chairman, saving the economy.
Even Volcker, an aide to Obama, is criticizing administration policy. In Congressional testimony, he said the White House is giving big banks too much leeway.
“Whether they say it or not, that (Obama’s financial regulation plan) carries the connotation in the market that they’re too big to fail,” Volcker said recently.
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