At the last GOP debate (you know, the one without Trump), the moderators did not ask a single question about the economy. The subjects covered were worthy, but the key pocketbook issue was left untouched. At the debate this weekend, that had better change. Indeed, it's time for the candidates to focus on the economy.
Consider these facts:
1. The GDP grew at a paltry 0.7% in the fourth quarter of 2015. That figure will be revised in the next few months, but it is going to stay ridiculously low.
2. New is out today that layoffs rose in January to the highest level since last summer. That is a bad omen for near term employment.
3. The stock market has fallen by a lot in 2016. A falling market does not always indicate a recession is coming, but it is an accurate indicator of bad things to come about half the time.
4. There is no area of the world in which there is strong economic growth. I will ignore for this purpose the phony numbers put out by the Chinese. That means that there is no country or region which will act as an engine of economic growth to get other areas of the world growing more quickly.
5. There is no monetary or fiscal policy that will be followed by Obama that will get the economy growing faster. The Fed already has interest rates at just over zero; even a cut that rescinds the recent increase in rates will do little to change the economic trajectory. Obama will never agree to tax cuts or relaxation of regulations. If anything, he would prefer tax increases which would suck more cash out of the economy and slow growth further.
Each of the main Republican candidates has economic plans that are, no doubt, detailed on their websites. The American people deserve to hear more about these. Indeed, we need to hear a positive message in support of growth and free enterprise that will give people hope that a GOP administration would restore some sanity to our economic policies.
Now the next debate is going to be in front of a group of moderators who will surely have the goal of making the candidates look bad. That is why it will be up to the candidates to pivot to the economy and demand that the moderators have a discussion about it. That pivot is necessary at the moment. Having a hopeful and positive economic message is critical for the success of the GOP in November. Giving the American people a choice between an angry woman shouting about inequality and the evil rich (of whom she is clearly part) while offering more of the same and a Republican who is promoting a positive message about growth, economic opportunity for all and the American Dream will result in a clear victory of the GOP. And that should mean great things for the country.
Consider these facts:
1. The GDP grew at a paltry 0.7% in the fourth quarter of 2015. That figure will be revised in the next few months, but it is going to stay ridiculously low.
2. New is out today that layoffs rose in January to the highest level since last summer. That is a bad omen for near term employment.
3. The stock market has fallen by a lot in 2016. A falling market does not always indicate a recession is coming, but it is an accurate indicator of bad things to come about half the time.
4. There is no area of the world in which there is strong economic growth. I will ignore for this purpose the phony numbers put out by the Chinese. That means that there is no country or region which will act as an engine of economic growth to get other areas of the world growing more quickly.
5. There is no monetary or fiscal policy that will be followed by Obama that will get the economy growing faster. The Fed already has interest rates at just over zero; even a cut that rescinds the recent increase in rates will do little to change the economic trajectory. Obama will never agree to tax cuts or relaxation of regulations. If anything, he would prefer tax increases which would suck more cash out of the economy and slow growth further.
Each of the main Republican candidates has economic plans that are, no doubt, detailed on their websites. The American people deserve to hear more about these. Indeed, we need to hear a positive message in support of growth and free enterprise that will give people hope that a GOP administration would restore some sanity to our economic policies.
Now the next debate is going to be in front of a group of moderators who will surely have the goal of making the candidates look bad. That is why it will be up to the candidates to pivot to the economy and demand that the moderators have a discussion about it. That pivot is necessary at the moment. Having a hopeful and positive economic message is critical for the success of the GOP in November. Giving the American people a choice between an angry woman shouting about inequality and the evil rich (of whom she is clearly part) while offering more of the same and a Republican who is promoting a positive message about growth, economic opportunity for all and the American Dream will result in a clear victory of the GOP. And that should mean great things for the country.
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