Tuesday, October 30, 2012

The Mitt Boom Liberals Will Hate and Libertarians Will Pretend To

Like the hostages jetting from Iran the day Reagan raised his right hand, America’s economy is about to bust its chains.

Not everyone will celebrate, even though they should.

America wants to recover.

In all our history, recoveries follow crashes. Usually, the deeper the dip, the steeper the climb back out. The only crisis with a recovery worse than Obama’s is the one that led to policies even more collectively transformative than his.

Builders, growers, producers, achievers—that is, employers--don’t know whether the next blow from the White House will aim at their taxes, their energy, their emissions, their employees’ tort rights, their health care costs, or the very legitimacy of their success and earnings.

Untold trillions of dollars—investment capital that dwarfs what Obama borrowed from China for his unstimulating infusion to the public sector—is sitting safely, unproductively on the sidelines until the people who invest it feel safe that Washington wants them to produce and succeed, not salute and comply.

Mitt doesn’t have to be a genius to unleash a brilliant expansion.

The unfair advantage of leaders who believe in free enterprise is this: they don’t have to know what the next big thing is. Freedom will find it. And the next one.

Supply and demand send the signals that greedy, attentive capitalists and entrepreneurs turn into personal fortunes, with the happy byproduct of rising markets, lots of jobs, and lots of associated commerce. More people working. More people buying. More homeowners. More youth with a chance to become productive adults.

Pity poor Obama who has to choose, either by ideology or crony imperatives, upon whom to lavish borrowed billions, hoping for growth in this sector or that. Whether he’s humiliated the “shovel-ready projects” and Solyndras and Volts came to naught, or smug in the comfortable knowledge of what his ill-enriched cohorts socked away for his future, we may never know.

But it all did nothing for his legacy or chances for reelection, and even less for the economy and Americans’ quality of life.

Ronald Reagan understood this. He spoke almost mystically of the power of free Americans vanquishing both Soviet totalitarianism and the vaunted planned economies of the Asian tiger states. Sam Donaldson and Dan Rather were as embarrassed by the Cowboy as was the Harvard faculty.

Except, a miracle happened. America won the Cold War without firing a shot (not counting the Grenada rescue), produced more jobs from 1980 to 1990 than Europe and Asia combined, and ended the 90’s as the globe’s unquestioned super power.

Read the rest of the column

No comments: