As champions of the free enterprise system, we are hard-pressed to find anything that current policymakers are doing that gives us comfort that they understand how the free enterprise system works.
However, we have always said that "we get by in spite" -- meaning, that the economy "gets by" in spite of policymakers, not because of their actions or interventions.
The current economic environment is a testimony to that fact, as it displays the resilience of our system even as it is under assault.
For all those other champions of free enterprise who find it necessary to downplay the current recovery, we would say that you risk making serious investment errors by taking this tack, and risk future damage to your credibility.
Economist Larry Kudlow makes this point beautifully in his latest post here.
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For later posts on the same topic, see here:
- "Glenn Beck is an economic butterbar" 11/04/2010.
- "European debt issues and the primacy of growth" 11/08/2010.