Posted on Jun 2, 2021
restarting-economy-requires-less-government-not-more
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https://www.cato.org/blog/restarting-economy-requires-less-government-not-more?utm_source=feedotorg&utm_medium=email&utm_campaign=fee_partners
Last Friday, President Biden unveiled his $6 trillion budget proposal. Under his plan, government spending will rise to levels not seen since World War II. Large investments in climate change, transportation, and education headline the proposal.
“Build back better” has been a common refrain of the Biden administration. The COVID-19 pandemic crashed much of the economy, but with increasing vaccination rates and recent promising jobs reports it appears that America is ready to reopen.
The federal government can encourage economic growth; mainly, however, this involves doing less, not more.
To encourage entrepreneurship, the administration should focus on reducing regulatory barriers for startups. To enhance competition and give U.S. firms the best access to innovation, the administration should slash tariffs on products that are critical to key U.S. industries (absurdly, the opposite is happening). To encourage innovation in technology, the federal government can eliminate visa caps and onerous barriers for high‐skill foreign workers. And lawmakers should abandon efforts to impose a higher federal minimum wage, so businesses can offer fair market wages commensurate with their particular region.
The best way to encourage economic growth is to remove government barriers. The U.S. economy is recovering. The question is how much an overexuberant expansion of federal policy will slow it down.
Last Friday, President Biden unveiled his $6 trillion budget proposal. Under his plan, government spending will rise to levels not seen since World War II. Large investments in climate change, transportation, and education headline the proposal.
“Build back better” has been a common refrain of the Biden administration. The COVID-19 pandemic crashed much of the economy, but with increasing vaccination rates and recent promising jobs reports it appears that America is ready to reopen.
The federal government can encourage economic growth; mainly, however, this involves doing less, not more.
To encourage entrepreneurship, the administration should focus on reducing regulatory barriers for startups. To enhance competition and give U.S. firms the best access to innovation, the administration should slash tariffs on products that are critical to key U.S. industries (absurdly, the opposite is happening). To encourage innovation in technology, the federal government can eliminate visa caps and onerous barriers for high‐skill foreign workers. And lawmakers should abandon efforts to impose a higher federal minimum wage, so businesses can offer fair market wages commensurate with their particular region.
The best way to encourage economic growth is to remove government barriers. The U.S. economy is recovering. The question is how much an overexuberant expansion of federal policy will slow it down.
Joe Biden
Economy
Money
Edited >1 y ago
Posted >1 y ago
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This administration is all about tax & spend, which is already having detrimental effects on the population...pushings further down a slippery slope, IMHO...
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SMSgt Lawrence McCarter
Lt Col John (Jack) Christensen - So am I and the Commonwealth of Massachusetts does a great job taxing everything and many of the cities and Towns have done far too good a job following the states example of sticking their sticky hands in our pockets. I'm waiting for them to start taxing the air We breath !
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Ma'am, I respectfully disagree with the entire second paragraph. The idea of "Build Back Better" is a smokescreen the Democrats are using to hide the real agenda of a 'Breaking America Disaster' (BAD) event. Jobs did not rise as they predicted, the bounce-back is being hampered by the continuation of government mandates, and the continuing extra benefits to unemployed persons are all driving the economy down. All in all a BAD thing, in my opinion.
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Lt Col Charlie Brown
The author doesn't agree with the policy. He's stating what they (Democrats) are saying
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