The Regulation Raj

May 5, 2012

Our approach seems to be, Have problem ,do a quick-fix. We need to learn that ill-conceived fiscal fixes will not work

A friend of mine told me with some anguish that the recent budget might be the worst in 40 years. The budget is one symptom. He was implying that we had not been witness to an environment which was as hostile to businesses, entrepreneurship and growth as we have suddenly acquired in the last few years. Have problem let’s do a quick fix: that seems to be the approach of our present rulers. We have a fiscal problem in large measure because we were not disciplined in good times and to be fair, in some measure, because post-Lehman, fiscal laxity was seen as a necessity to prevent a recession.

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