We've been asking our listeners for ideas on how to fix the economy. Congress has raised the debt ceiling and established a "super committee" to find ways to reduce America's debt. It's clear that the country needs a concrete plan to fix the economy. One suggestion that some of our listeners have is to increase inflation.
Tyler Cowen joins us to discuss this idea. Cowen is a professor of economics at George Mason University, and co-author of the economics blog Marginal Revolution.
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Comments [6]
Have we not taken enough "radical steps" in the economy over the last 30 months?
The problem is demographic: we need more young people. Do everything to support families and women having children, make abortion illegal. The state can have an interest in the fetus in the third trimester, according to Roe v. Wade even. Young people start companies and this leads to jobs. A capitalist economy has never worked in a society with a declining population.
Make local municipalities financially responsible for the incarceration costs of sending people to prison and jail. This would make local police and prosecutors have to think about the cost of locking up nonviolent offenders before arresting and prosecuting people that should not be incarcerated. If we stopped locking up innocent drug offenders the country would save billions every year.
Automate the highways. Create an elevated automated electrified highway system. This will create thousands, if not hundreds of thousands of good jobs here in America. Once built it will reduce our dependence on foreign oil, make driver induced traffic jams a thing of the past, make us more productive, and reduce the daily stress in our lives. Automating the highways should be this generations Apollo program.
Collect the funds from all the campaign 'warchests' for the 2012 elections and spare the US voters from all the mind numbing political ads while helping to balance the budget.
Tax profits from goods and services made in the 50 states at the lowest rate. Tax profits from paper transactions and financial speculation at the highest rate. No exceptions.
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