Sunday, July 13, 2008
Milton Friedman is Gone, Where Are His Disciples ?
"Regulation", the Taboo Word for Supply-siders Raised Its Head
Don't write them off though. They are waiting in the wings, praying for John McCain to win the presidential election. McCain has promised to balance the budget by 2013, but did not say how he was going to do it. It is a 'pie in the sky' kind of thing. McCain's empty rhetoric notwithstanding, the free-marketers will again have their place in the sun if he becomes president. Not much is expected to happen between now and November. In the unlikely event that Bernanke and Paulson follow through in introducing some measures with teeth to curb the unethical Wall Streeters, McCain and the Republicans will do all they can to scrap them.
And what will his administration do if Barack Obama wins the White House? Hard to predict. Judging by his recent actions, we are going to be disappointed if we hope to see major changes. But even minor changes to stop the country from going down the road that Bush built would be good for us.
My post was critical of the supply siders. They have done a lot of damage. My concern is that Obama's
team of economists is not going to move far away from the established policies. The changes would be mostly cosmetic. Too bad.