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A Framework for Economic Policy

Source: www.whitehouse.gov
Topic: Economic Policy

Sort Desciption: A Framework for Economic Policy. Remarks by R. Glenn Hubbard. Chairman Council of Economic Advisers. Ronald Reagan Presidential Library. February 15 2002 ...

Content Inside: A Framework for Economic Policy Remarks by R. Glenn Hubbard Chairman Council of Economic Advisers Ronald Reagan Presidential Library February 15 2002 My objective today is to discuss the framework for economic policymaking in the United States. Admittedly a framework talk runs the risk of lacking the drama of current events. But in an era in which we wage a war on terrorism abroad and a war against sub-par economic growth at home there is value to stepping back from the front lines and evaluating the overall battle plan. A Brief History of Rebellion It is time again to rebel against the prevailing orthodoxy. The Reagan Library is an appropriate setting for such a thought. The economic policies of the Reagan Administration represented a rebellion against the prevailing orthodoxy that viewed the Federal government as the key decisionmaker in the economy necessary to steer the economy between the shoals of unemployment and inflation central to deciding which industries should expand and ever-more involved in the economic decisions of American families. Against this backdrop President Reagan stressed the centrality of private markets in superior economic performance their ability to drive innovation and growth and the importance of maintaining vigilance against impaired market incentives. The deregulation of our economy triggered by this vision was and is a tremendous source of economic flexibility and success in generating resources for our economy. Deregulation of several key sectors of our economy during the 1970s and 1980s brought substantial benefits to consumers and our economy. One study estimates the combined economic benefit of deregulating airlines motor carriers and railroads to be about 0.5 percent of GDP per year. Deregulation reductions in marginal tax rates and victory in the Cold War fueled a long boom in the United States that was interrupted only briefly during the early 1990s. The post- 1995 boom in productivity growth in the United S ...

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