Useless Spending and Red-Tape
Investor's Business Daily (IBD) has an editorial posted that asks whether America's economic policies are "to the left of Communist China?" The editorial begins:
"The government has decided that less intervention on its part will be better for economic growth. Is this a new initiative coming out of Washington? No. This is the thinking in Beijing.
"Under the headline "China Cuts Red Tape As Premier Li Shows Stimulus Reluctance," Bloomberg reported last week that Chinese Premier Li Keqiang, who "pledged to reduce the government's role in the world's second biggest economy after a new leadership took over in March," wants to cut red tape and regulation.
"Bloomberg went on to report that Chinese government "authorities" are "reluctant to use stimulus to counter a slowdown, saying China must rely on market mechanisms to aid growth."
"Sounds like the opposite of the Barack Obama government, which is obsessed with stimulus spending and is a regulation-writing machine."
The IBD editorial later points out:
"Washington is not only a font of useless spending, it's also a red-tape factory.
"The annual federal regulatory burden is at an all-time high of $1.8 trillion, says the Competitive Enterprise Institute, which has just released "Ten Thousand Commandments," its annual report on the regulatory excesses of Washington.
"That figure is a milestone; it's the first time, says CEI, that the estimated cost of regulation has exceeded half the cost of the federal government."
The rather lengthy editorial ends by saying, "Consequently, this puts Obama and the Democrats who support his liberal policies to the left of China. It's the wrong side of politics and the wrong side of history."
But perhaps we should take a longer view as Glenn Harlan Reynolds does in an op-ed today in USA Today. He sets-up the following comment by citing the trio of scandals currently facing the administration, and then says:
"But serious as these problems are, they're all short-term things. So while at the moment a lot of our political leaders may be wearing sunglasses so as not to be recognized, there's a pretty good argument that, over the longer time, our future's so bright that we have to wear shades.
"That's the thesis of a new book, America 3.0: Rebooting American Prosperity In The 21st Century. The book's authors, James Bennett and Michael Lotus, argue that things seem rough because we're in a period of transition, like those after the Civil War and during the New Deal era. Such transitions are necessarily bumpy, but once they're navigated the country comes back stronger than ever."
Maybe hope does spring eternal. Let's certainly hope so!