More than sixty years ago, Mao launched the disastrous Great Leap Forward. Progressive elites today are trying to force GLF II in the form of the Great Reset. If implemented, it will be even more disastrous than Mao's original folly.
While some politicians preach populism, that usually means protectionism and increased business regulation, along with high marginal income tax rates. Grover Cleveland showed a better way.
When speaking of government actions, Einstein's alleged definition of insanity comes to mind. But no one does exactly the same thing twice, per Heraclitus. In the end, however, government action is doomed for failure.
By all measures, the economic downturn that began in 1920 was worse than what occurred in 1930, yet the economy recovered quickly in 1921. Why the difference?
Economists like Paul Krugman have claimed that practice of austerity in government would damage the US economy. As Mark Thornton points out, the opposite is true: austerity works.
Critics of capitalism claim that it is responsible for creating inequality in society. Yet the precapitalist societies enforced inequality in a rigid social structure.
Massachusetts voters approved yet another tax hike for high-income residents, while California voters rejected a similar proposition. The current tax fever does not bode well for economic growth.
Politicians calling for student loan forgiveness or free college tuition have failed to understand the larger consequences of unlimited student lending. Henry Hazlitt would have understood.
