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The Road to Productivity |
| Section: CURRENT ISSUES / SPECIAL REPORT--AN AGENDA FOR THE NEW ADMINISTRATION |
| Author: Paul Craig Roberts |
| Publication: The world & I online |
| Issue Date: 1/1/1993 |
| Size: 1,553 Words, 9,781 Characters |
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The United States has been set up for a fall by economic disinformation--what Alan Reynolds (in the Wall Street Journal on October 21, 1992) called "the worst lying about the economy in the past 50 years"--that portrays the 1980s as an unsuccessful decade. If policymakers become victims of this disinformation, they may return to the government-interventionist policies of the 1970s that mired the U.S. economy in stagflation.
In the 1980s the world began rescuing itself from the socialist ruins of the twentieth century. The United States got rid of confiscatory tax rates on personal income. Britain and France privatized nationalized industries, and Britain privatized welfare housing. Mexico and Argentina reversed entrenched socialist traditions and launched large privatization programs....
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...tive economy, because we are the most laissez-faire and have fewer of the interventionist policies that foster rent-seeking and unproductive work forces. Obviously, after the Bush interlude, we need to get on with the dismantling of big government that Reagan began. If the United States is to continue to lead the world, we cannot turn toward socialism while the rest of the world turns away.
(806 of 9,781 characters)
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