Masonomists in the Media
By Arnold Kling
Ever wondered what Russ Roberts would do as President? He writes,
I am recommending the elimination of the payroll tax…
–Eliminating all corporate welfare. Corporate welfare rewards those corporations that excel at lobbying rather than serving their customers. Eliminating it will save $100 billion annually.
–Implementing spending reductions in all departments of 10%, saving over $250 billion. Such cuts in a federal budget heading toward $3 trillion are hardly draconian. They merely return spending to the level of a year or two ago.
–Making small across-the-board increases in the income tax rate, yielding $350 billion.
Meanwhile, Tyler Cowen writes
to the extent that the real problem is fear, this militates in favour of placebo policies. By that I mean initiatives which appear bold and have great symbolic value, but which don’t necessarily cost us very much.
I don’t think there are any policies, symbolic or substantive, that can restore confidence. That is, I don’t think there is any way to induce firms to invest using any source of funds apart from profits. We need to slog our way back to recovery by restoring profits, which can lead to business expansion.