AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.
Our 20 years of prosperity (1980 to 2000) was substantially tied to the advent of the personal computer and the rapid deployment of enterprise solutions in all business, large to small, was one of the great economic transformations of all time. A technology revolution. Reagan was merely fortunate enough to be president at the beginning of it, so people want to give his leadership credit, but the reality is he was pretty much a bystander with benefits. Since the revolution went from about 1980 to 2000, Bush I and Clinton were also beneficiaries. It wasn't so much their great leadership, but their ability to get out of the way and not screw anything up.
Unfortunately, we are pretty much post-computer/Internet revolution so we lack the accelerant for a good economic fire. In fact, to a great extent we are dealing with the blacklash of this technology revolution in that many jobs have been eliminated by technology and people have yet to adapt.
Last edited by upsideguy; 08-04-12 at 10:26 PM.
“If we must have an enemy at the head of Government, let it be one whom we can oppose, and for whom we are not responsible, who will not involve our party in the disgrace of his foolish and bad measures.”
- Alexander Hamilton. Spiritual father of #NeverTrump
Last edited by upsideguy; 08-05-12 at 10:25 AM.