erik lundegaard

Monday August 12, 2013

And for Secretary of State, John Foster Dulles

Here's a portion of Rand Paul's recent interview with Bloomberg Businessweek:

You’re a big reader of Austrian economists such as Friedrich Hayek and Ludwig von Mises, who don’t believe in stimulus and say the economy can return to health only through austerity.
You can stimulate prosperity by leaving more money in the hands of those who earn it. If you want to stimulate the economy in Louisville, leave more money in Louisville and send less to Washington. My plan has a 17 percent flat tax with very few deductions, and it would leave $600 billion in the economy. But it would work better than a government stimulus because of the Milton Friedman proposition that nobody spends somebody else’s money as wisely as they spend their own. I think you’d have a boom like you’ve never seen in this country.

Who would your ideal Fed chairman be?
Hayek would be good, but he’s deceased.

Nondead Fed chairman.
Friedman would probably be pretty good, too, and he’s not an Austrian, but he would be better than what we have.

Dead, too.

That's pretty funny. I agree with Paul's first sentence, btw, but I assume we mean different things by “those who earn it.” I also like the chutzpah in this sentence: “I think you’d have a boom like you’ve never seen in this country.” Really? So the economic history of this country, thus far, has been a disappointment to you? And with you at the helm things would finally take off? What a sweetheart.

Paul Krugman takes him down another peg.

Posted at 01:53 PM on Monday August 12, 2013 in category Politics  
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Twitter: @ErikLundegaard