Wednesday, July 16, 2008

The Mises Institute Still Has Work To Do

NYT asked its readers what steps the government should take to stimulate the economy.

The first reply was:

Triple the minimum wage.

That would bring it more in line with increases in efficiency and rates in the late 70s. People make more, they spend more. All the money is just tied up in investments now, like bonds in Fannie and Freddie.
— rc, colorado

The second reply was;

Create a quasi WPA- or CCC-like entity to a) rehabilitate the nation's infrastructure (bridges, roads, rails) and b) develop green energy projects (wind, solar, water). Workers would be partially drawn from 'old' industries where unemployment is high and growing.

Finance these entities through bonds sold in the private sector--similar to war bonds.
— Jim, Water Mill, NY

The third reply:

The federal minimum wage should be raised substantially. The money would be spent not merely used for reducing debt. It would seriously help reduce the desperation of America's working poor. Yep, the price of a fast food hamburger would go up, but it won't make any difference and we shouldn't be eating so many of them anyway.
— Paul Denton, New Hampshire

The fourth reply:

There are traditionally to parts to government economic policy, Fiscal and Monetary. It is time for the government to spend money in the United States to help the economy. We are spending billions on foreign soil, now it is time to help ourselves.

We must build and/or repair bridges, roads, railroads (we must especially expand and improve rail travel and rail shipping), and other public projects. If we do these types of things we may help move the economy out of the Recession it is in, or going into, and prevent worse problems. We have for too long concentrated only on Fiscal policy to correct the economy.

As to the Conservative economists who advocate minimal tinkering with the economy, we can see where their advice has gotten us to date. We need to change direction if we are going to recover our prosperity.
— Joel L. Friedlander, Syosset, New York

The first 20 were all interventionist suggestions. Number 21 called for the resignation of Bush and Cheney. Number 22 called for the abolishmnent of the Federal Reserve.

There's tons more, if you have the stomach for it, here.

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