Brian Wesbury's Excellent Congressional Testimony

Brian Wesbury is a respected economist whose analysis we have learned to value highly over the years.

On April 9th, he delivered testimony before the House Committee on Financial Services that gives one of the clearest perspectives on the current economic situation you will find anywhere. Click here to read the entire transcript of Brian's testimony.

In it, he explains how things got to where they are (hint: misguided government policy was a primary culprit, as we touched on in this previous post and this previous post), outlines the reasons for the Fed's reaction and likely outcomes (which we have also touched on in previous posts, such as this one), and demonstrates why comparisons to Herbert Hoover and the Great Depression should emphasize (although they rarely do) that Hoover's turning to protectionism and higher taxes made what could have been a mild recession into a major calamity. This last point is very important, because there are growing rumblings today from many lawmakers for both higher taxes and greater protectionism, as we have noted with some concern in previous posts such as this one and this one.

If you want greater situational awareness of the economic scene, you would do well to consider Brian Wesbury's excellent Congressional testimony. Let's hope those in Washington who have a hand in steering the ship are paying attention.