Thursday, February 5, 2009

Jeffrey Miron on the Economy

In any case, libertarians do not argue for doing nothing; rather, they advocate eliminating or adjusting policies that are bad for the economy independent of the recession. Here is a stimulus package that libertarians can endorse:

Repeal the Corporate Income Tax
Increase Carbon Taxes While Lowering Marginal Tax Rates
Moderate the Growth of Entitlements
Eliminate Wasteful Spending
Withdraw from Iraq and Afghanistan
Limit Union Power
Renew the U.S. Commitment to Free Trade
Expand Legal Immigration
Stop Bailing out Businesses that Took on Too Much Risk

It is tempting to believe that every problem has a solution, but the reality is not so nice. It is possible, even likely, that the best we can do is fix things we know how to fix, and then get out of the way. This may not ameliorate the current situation, but it avoids making things worse. In economics as in medicine -- first, do no harm.

read the CNN story

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