Speculating on the Economic Cavalry
Economist and Dean of Columbia Business School Glenn Hubbard writes from time to time on the Op-ed pages of the WSJ, as he did just the other day. It's a good column that merits attention based on the substance, but it merits attention for another reason as well. It could very well represent the thoughts of a man who might turn out to be the most powerful economist of the next decade and constitute the basis of America's economic revival.
Follow me here. Obamanomics has put the economy into a stall and a ditch. As I have said, there is nothing that can revitalize this economy save unabashedly pro-growth policies and this President will not deliver them. It is up to the next President. Who will that be? Well, I believe that the essence of American voters' desires come campaign time will hue more or less to this: "doesn't have to be a rock star, we just need somebody that knows what the f**k they are doing." The overwhelming concern will remain the economy and jobs. Who, out of the current prospective field will have the greatest claim to credibility on the economy? I've told you who and there is some evidence that things are looking up. Who served as a Romney advisor during the last campaign? Hubbard. Obamacare is also a sore spot with Americans and intelligent reform of this beast will be both an attractive campaign focus as well as a high legislative priority. Who wrote a book outlining a comprehensive vision for healthcare reform based on free-market principles? Hubbard. Who is ambitious and was palpably miffed when Ben Bernanke got the job he wanted? Hubbard. Conclusion: in a Romney White House it is virtually a lock that Hubbard would be offered either CEA Chairman or Treasury Secretary. If this happens and a Romney administration can implement a "shock and awe" economic revitalization successfully, he'll get a second term in 2016 and Hubbard can stay as long as he likes, do what he wants and have eight years to place his stamp on US economic policy. That is alot of influence.
Another economist to watch is John Taylor. Paul Ryan's star is on the rise and his fiscal roadmap stands a good chance of becoming the congressional Republicans' defining policy stance. Who has jumped in to defend it in the face of the inevitable attacks from the left? Taylor. Who knows a thing or two about monetary policy? Um, yeah. Who has served in the government before and is civic-minded enough to do it again? Talyor. Look for Taylor to take over for Bernanke in a Romney administration.
Follow me here. Obamanomics has put the economy into a stall and a ditch. As I have said, there is nothing that can revitalize this economy save unabashedly pro-growth policies and this President will not deliver them. It is up to the next President. Who will that be? Well, I believe that the essence of American voters' desires come campaign time will hue more or less to this: "doesn't have to be a rock star, we just need somebody that knows what the f**k they are doing." The overwhelming concern will remain the economy and jobs. Who, out of the current prospective field will have the greatest claim to credibility on the economy? I've told you who and there is some evidence that things are looking up. Who served as a Romney advisor during the last campaign? Hubbard. Obamacare is also a sore spot with Americans and intelligent reform of this beast will be both an attractive campaign focus as well as a high legislative priority. Who wrote a book outlining a comprehensive vision for healthcare reform based on free-market principles? Hubbard. Who is ambitious and was palpably miffed when Ben Bernanke got the job he wanted? Hubbard. Conclusion: in a Romney White House it is virtually a lock that Hubbard would be offered either CEA Chairman or Treasury Secretary. If this happens and a Romney administration can implement a "shock and awe" economic revitalization successfully, he'll get a second term in 2016 and Hubbard can stay as long as he likes, do what he wants and have eight years to place his stamp on US economic policy. That is alot of influence.
Another economist to watch is John Taylor. Paul Ryan's star is on the rise and his fiscal roadmap stands a good chance of becoming the congressional Republicans' defining policy stance. Who has jumped in to defend it in the face of the inevitable attacks from the left? Taylor. Who knows a thing or two about monetary policy? Um, yeah. Who has served in the government before and is civic-minded enough to do it again? Talyor. Look for Taylor to take over for Bernanke in a Romney administration.
posted by Donny Baseball at 1:51 PM
2 Comments:
While I have no disagreement with what you've said, I think Mr. Romney will have to do a much, much better job than he did 2 years ago of informing the voting public of his private sector accomplishments and his understanding of and relationship with the business and finance communities if he is to secure the GOP nomination. McCain was all but handed the GOP nomination, and Obama the White House, in 2008.
I agree. It is frustrating to have such a clear front-runner in terms of qualifications be such a laggard in terms of connecting with the electorate. But I think a smart campaign ought to turn those lemons into lemonade - he should say "Hey, yeah, I'm no rock star, but look what a rock star President got us these last four years. Let's go back to boring and competant - that is what gets the job done."
Post a Comment
<< Home