today's happy hour book, at end...
“America's problems are problems of poor policy rather than
senescent technology.
This does not mean they are insignificant: unless we fix
them, the U.S. growth rate will be permanently reduced.
But it does at least mean they are fixable.
Some suggest America is mired in a swamp of low growth.
We prefer to think America is trapped in an iron cage of its
own making.
Out-of-control entitlements and ill-considered regulations
are forcing it to perform well below its potential.
Entitlements because they divert resources to consumption
and away from the savings that fund capital expenditure and hence productivity
improvement.
Regulations because they make the distant future more
uncertain, thereby discouraging businesses from investing in projects with
long-term payoffs.
Swamps by their nature are hard if not impossible to get out
of.
Cages can be escaped from provided you have the right keys.
We have shown America has all the keys it needs to open the
cage.
The great question is whether it has the political will to
turn them.”
…
comment:
Political will of Real Republicans tHAT is: Simply, America
must lead in substantially lowering taxes and enabling worldwide free trade and
movement of assets. THAT would enrich All in the U.S. and unite the entire world with us. Those who oppose be anti-happy and pro-misery.
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