Tags: Miller | economy | Reagan | regulations

AIG's Miller: Economy Could Use Reagan Again

By    |   Friday, 11 July 2014 01:18 PM

AIG Non-Executive Chairman Steve Miller, who has received the nickname "Mr. Fix It" for stepping in to run distressed companies, thinks the economy could use a dosage of Ronald Reagan as a fix.

After the economic mistakes of President Jimmy Carter, "Reagan came in and did a lot of things, including cutting tax rates—both corporate and personal tax rates—and tried to slow the growth of regulation that was strangling business," Miller tells CNBC.

"I think that . . . would work again now."

Editor’s Note:
New Warning - Stocks on Verge of Major Collapse

Miller has served as CEO of Hawker Beechcraft and Delphi and was a top executive at Chrysler.

He is concerned about overregulation.

"Investors I know are afraid to invest in the U.S. in job-creating industries, because they don't know how punitive the regulations will be, how costly these healthcare mandates are going to be," Miller notes.

He's also worried about the Federal Reserve's low interest-rate policy. "It's a fool's paradise. It's an unsustainable model for us to assume that we can have massive government deficits and keep rates low indefinitely."

The Fed has kept its federal funds rate target at a record low of zero to 0.25 percent since December 2008.

Miller isn't the only one concerned about excessive regulation. It's putting a damper on new business creation, says Nobel laureate economist Edward Prescott of Arizona State University.

"Surveys . . . show that entrepreneurs report being hamstrung by difficulties in finding skilled workers, by a complex tax code that penalizes small business, by regulations that raise the costs of doing business and by difficulties in obtaining financing," he and UCLA economist Lee Ohanian write in The Wall Street Journal.

Editor’s Note: New Warning - Stocks on Verge of Major Collapse

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Economy
AIG Non-Executive Chairman Steve Miller, who has received the nickname "Mr. Fix It" for stepping in to run distressed companies, thinks the economy could use a dosage of Ronald Reagan as a fix.
Miller, economy, Reagan, regulations
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2014-18-11
Friday, 11 July 2014 01:18 PM
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