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John Bolton on Budget & Economy

 


Cure for recession is increasing private-sector activity

The answer to austerity is not what its opponents like Obama and some G8 leaders suggest. When they speak of promoting growth, they are not advocating increased private-sector activity: more investment creating new wealth by adding value to material inputs, thereby generating more jobs and growing prosperity. Quite the opposite: they want to expand already enormous government sectors through even greater public spending. "Growth" to social democrats means growth in government's size and reach, not growth in the real economy. This approach directly contributed to our current predicament; and more of the same will only exacerbate it.

Unable to agree on substance, the G8, typically, advocated everything: both austerity and increased government stimulus measures. Such vague and contradictory rhetoric, unsupported by concrete actions, will achieve nothing but more confusion. The hard issues cannot be postponed indefinitely, and trying to do so only makes the ultimate outcome more painful.

Source: AEI Scholars column: Free lunch is finished , May 23, 2012

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Page last updated: Mar 19, 2014