I have always liked Phil Gramm. Since leaving Congress in 2002, the Republicans have been lost on economic policy. Fortunately, McCain is sensible enough to take advice from a politician who is also an economist.
There is a very good interview in the WSJ today getting Dr. NO's opinion on several critical issues.
"Why is America the richest country in the world?" he asks. "It's not because our people are more brilliant; it's because we have a better free-market system. Why has Texas created 1.6 million jobs in the last 10 years whereas Michigan has lost 300,000 jobs and Ohio has lost 100,000 jobs? Because governance matters, taxes matter, regulation matters. Our opponents in this campaign are so dogmatic in their goal of having more government because they love the power it brings to them that they're willing to let it impose costs on the working people that they say they want to help. I am not."
He adds that arresting the dollar's slide has to do with restoring confidence in the U.S. economy, which means "doing things like balancing the budget, making the tax cuts permanent, and cutting the corporate tax rate, which encourages foreign investment. Trying to manipulate the dollar to cover up for bad policy is like taking a bunch of drugs to try to deal with bad health that is caused by a bad lifestyle."
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