“Where are we now?” (Wall Street Journal). Hoover fellows George P. Shultz, the Thomas W. and Susan B. Ford Distinguished Fellow and chair of the Energy Policy Task Force; John B. Taylor, the George P. Shultz Senior Fellow in Economics and chair of the Working Group on Economic Policy; Michael J. Boskin, senior fellow and member of the Task Force on Energy Policy; John F. Cogan, the Leonard and Shirley Ely Senior Fellow and member of the Working Group on Economic Policy; and Allan H. Meltzer, distinguished visiting fellow at the Hoover Institution, collaborated on a Wall Street Journal article titled “The Magnitude of the Mess We're In.” The article addresses the state of our economy, discussing federal government annual spending, federal budget deficits, and fixes to the problems.
“The fixes are blindingly obvious. Economic theory, empirical studies, and historical experience teach that the solutions are the lowest possible tax rates on the broadest base, sufficient to fund the necessary functions of government on balance over the business cycle; sound monetary policy; trade liberalization; spending control and entitlement reform; and regulatory, litigation, and education reform. The need is clear. Why wait for disaster? The future is now.” (Wall Street Journal)
Click here to read the full article in the Wall Street Journal.