Roger Kimball explains.
I should add one more item to my list of things that the next Congress and administration should do — repeal the Community Reinvestment Act.
3 thoughts on “Why Hasn’t The Economy Recovered?”
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Roger Kimball explains.
I should add one more item to my list of things that the next Congress and administration should do — repeal the Community Reinvestment Act.
Comments are closed.
congress’ job now is repealing laws and eliminating bureaucracies.
Gloomily, I’ll bet that Pournelle’s Iron Law of Bureaucracy will prevail, and just like the Departments of Energy and Education, these things will never disappear. Just like the baseline budgeting gimmick, where a smaller increase is called a “cut”.
Obama and his fellow Keynesians think that a one-time injection of cash can stimulate long-term economic growth. But that’s not how it works. Business don’t expand when have one extra-profitable sales day.
Businesses expand when they think they can attract sustained growth in sales. They do this when the government reduces long-term business costs (taxes, regulation compliance, etc.) and refrains from imposing new ones.