Thus Does the Economy Grow

Thus Does the Economy Grow

By Keith Hennessey

25 November 2010

The goals of an ideal economic-growth agenda are simple and well known: a large and thriving private sector and a small government; reduced government spending, which means lower taxes (or at least not higher ones) and smaller deficits; open trade and investment; taxes and regulations that don’t distort decisions, discourage capital formation or work, or provide rents to the politically powerful; deep and flexible labor markets; a reformed financial sector that channels savings to where they can do the most good; a society in which education and innovation flourish, and the most talented people in the world want to become Americans; a stable, low-regulation legal environment, in which monetary policy is sound and business decisions issue from customers and competitors rather than regulators and judges.

Practical policymaking is about moving incrementally in the right direction rather than trying to achieve the ideal all at once. It’s easy for elected officials to distract themselves with simplistic partisan fights that are politically advantageous but either make little headway toward the goal or distract from more important underlying problems. Progress on a practical growth agenda requires recognizing the limits of policy and taking political risks.

Here, then, are ten practical tips for elected Republican officials, who are torn between trying to govern as a majority party and trying to oppose President Obama’s agenda as a minority party.

Click here to read article.

This article was published by the National Review Online on 17 November 2010.

Articles in the Perspectives series plus a large library of books, studies, speeches, articles and DVDs on a wide range of public policy issues can be found at www.nzbr.org.nz

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ENDS

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