Liberate, Don't Stimulate, the Economy
January 16, 2008
Irvine, CA--Fearing a recession in the wake of the collapse of the subprime mortgage market and other economic problems, factions in Washington are competing to offer "stimulus packages" to come to the rescue. Some favor Fed interest rate decreases, while others want some sort of immediate tax cut, while others want an outright giveaway to lower-income Americans.
But, said Yaron Brook, executive director of the Ayn Rand Institute, "We don't need the government to 'stimulate' the economy with some new intervention; we need it to liberate us from all its destructive economic intervention that put us in this situation.
"We need liberation from environmentalist restrictions on oil drilling and energy production. We need liberation from Sarbanes-Oxley, which treats businessmen as guilty until proven innocent and increases the cost of doing business for every publicly traded corporation. We need liberation from the government's pervasive regulation and semi-socialization of the health-care market, which have artificially driven up the costs of health care. We need liberation from the intervention of the Federal Reserve, which is destroying our savings by inflating the currency. And we need liberation from countless other forms of government spending; if spending does not decrease, then any 'stimulus' tax cuts are simply tax increases for the future.
"We should not regard Uncle Sam as an economic Doctor Sam, whom we need to stimulate the heart of the economy with his defibrillator. When the government violates our right to produce and trade freely, it is an economic cancer that needs to be removed from the economy."
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Video presentation (2 min.)