Thursday, February 5, 2009

Friend of SFL Offers Alternate to Stimulus

Senate Majority Leader Harry Reid (D-NV) has announced an intent to have a vote on H.R. 1, the American Recovery and Reinvestment Act of 2009, as early as today. Meanwhile, those who support maintaining some vestige of free markets in America are not going gently into that good night. As Richard commented yesterday, popular opinion is turning against the bill; today, Politico picked up on the inability of President Obama to control the stimulus "message," a striking contrast from the well-oiled message machine that was his campaign.

Among those coming out against Obama's claim that "there is no disagreement" about the need for a stimulus plan is Harvard Professor Jeffrey Miron, friend of SFL who delivered the keynote address at our Boston Conference this past November 1. In an article posted on cnn.com, he proposes a libertarian stimulus package. As Professor Miron argues:

In any case, libertarians do not argue for doing nothing; rather, they advocate eliminating or adjusting policies that are bad for the economy independent of the recession.

He proposes a nine-point plan to lift the economy out of its current freefall:

1. Repeal the Corporate Income Tax
2. Increase Carbon Taxes while Lowering Marginal Tax Rates
3. Moderate the Growth of Entitlements
4. Eliminate Wasteful Spending
5. Withdraw from Iraq and Afghanistan
6. Limit Union Power
7. Renew America's Commitment to Free Trade
8. Expand Legal Immigration
9. Stop Bailing out Businesses that Took on Too Much Risk

It's a great article and worth a read.

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