Nearly 16 million people can’t find jobs even though the worst recession since the Great Depression has supposedly ended. The Labor Department said Friday that jobless rate rose to 10.2 percent, the highest since April 1983, from 9.8 percent in September.
Economists say the unemployment rate could climb as high as 10.5 percent next year because employers remain reluctant to hire.
Thanks to Reagan and the confidence he brought to America with his economic plan*, the economy soared by nearly 8 percent in 1983 after a steep recession. This lowered the jobless rate by 2.5 percentage points that year.
But with Obama’s presidency, all confidence is gone, spending is up and the economy is likely to grow by less than 3% according to recent comments from many noted economists such as Wells Fargo chief economist John Silvia. Mr. Silva projects 2.4% for all of 2010.
Friedman would advise that Obama go on a strict diet.
He should reduce the size of government, reduce spending, reduce taxes and reduce the the growth of the money supply.
Instead, Obama rejects Milton Friedman’s proven monetarist policies.
This is causing too much growth in the size of the Obama Administration.
When Ronald Reagan entered the White House in 1981, he immediately put into effect a dramatic new economic policy that was founded on the principles of one of his most important economic advisors, Milton Friedman.
Reaganomics has four main policy objectives:
1. Reduce the growth of government spending
2. Reduce the marginal tax rates on income from both labor and capital
3. Reduce regulation
4. Reduce inflation by controlling the growth of the money supply
The goal of these objectives was to increase savings, investment, and economic growth. Balancing the budget, restoring healthy financial markets, and reducing inflation and key interest rates.