Deseret News | Don't tinker with economy

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Don't tinker with economy

Anonymous | 7:16 a.m. May 3, 2008

We don't need a gas tax holiday. We need a complete gas tax retirement by the Feds. Their money (which used to be our money) comes with too many strings and too much corruption.

huzzah huzzah | 8:14 a.m. May 3, 2008

Right on the money. This is a great editorial. I'm sure all the gloom and doomers will disagree. The economy is not going off a cliff however if Congress lets the Bush tax cuts expire and Hillary (if elected) actually implements her Maoist "windfall profits" tax on oil companies then we will really see things get really bad economically.

Roland Kayser | 8:20 a.m. May 3, 2008

During the so called economic expansion of the Bush years, median household income actually decreased. I hate to see what will happen as the economy contracts. The overall economic growth figures haves ceased to reflect what is really happening in American's financial lives.

Comments continue below

Kevin | 8:48 a.m. May 3, 2008

Excellent commentary.

samhill | 8:48 a.m. May 3, 2008

As I've said for years, there is hardly any problem that the Federal government (and most governments for that matter) can't make worse.

I've also said that effective government can also make things better. But, unfortunately, the nature of the humans that populate and especially those who often are most attracted to government work, is often not conducive to much more than kingdom building. The ever increasing size of an already increadily bloated government is ample evidence of that fact.

Generally, my attitude to government, especially big government, is similar to my attitude toward the medical system. That is, it is something to be kept far away unless absolutely necessary.

wrz | 10:46 a.m. May 3, 2008

>>Generally, my attitude to government, especially big government, is similar to my attitude toward the medical system. That is, it is something to be kept far away unless absolutely necessary.<<

Big government?

We reduced big government in the late 1980's and 1990's and got the savings and loan debacle.

We reduced big government in the first years of this century and got the subprime mortgage debacle.

What part of "big government" would you like to get rid of? Be as specific as you can.

put your money... | 10:57 a.m. May 3, 2008

where your mouth is. If all of you Roland Kayser types are so convinced everything is going down the tubes then buy gold and sell short the DJIA and S&P 500 indexes. I'll be doing the opposite and we can compare bank accounts in 4 years.

BBKing | 11:57 a.m. May 3, 2008

Can you provide a source for the median family income going down?

Peter Maier | 12:12 p.m. May 3, 2008

Of course it is always easier to blame others, in this case ï¿½governmentsï¿½, but we still have not come to grips with what industrialization has done to modern societies. First people in the agriculture were replaced by machinery, then people working in industries were replaces by machinery (robots) and now people working in the service sector are replaced by machinery (computers). There still is work, but pay is low and it is easier to blame governments. Although, in my opinion, they should have prevented those who control the industries from moving their machinery offshore as the labor there is cheaper. However then people will complain that they do not get enough return from their investments in the stock or commodity markets.

Anyone remember Animal House | 12:38 p.m. May 3, 2008

At the end there is a scene with Kevin Bacon waving his arms in a crowd of screaming people yelling, "All is well, all is well!!!" He gets trampled moments later.

That was my first thought upon reading this silly commentary.

I may not know everything, but I sure know our economy and nation as a whole is in the worst financial shape of my lifetime. (And yes that includes the 70's).

If it ain't broke.... | 12:54 p.m. May 3, 2008

Don't fix it. As the saying goes.
If this fine peice of common sense would have been applied by King George and the Repubs in congress in 2001, we would still be experiencing budget surpluses instead of the largest deficits in history.

I fully agree that the wrong decisions by the government can make ANY situation worse. (Re-read the first paragraph for exhibit A).

However, our economy , while not yet fully broken by the Repubs, is on LIFE SUPPORT. If you don't agree with that assessment then explain the rash of moves by the fed coupled with Tax rebate checks.
Electing McCain with his "more of the the same" attitude toward Bush's economic policy would likely bankrupt our country.

Our economy definitely needs fixing. Lets all pray our next President has the will to do it.

Thomas | 2:58 p.m. May 3, 2008

WRZ -- Can you identify the specific reduction in government that led to the subprime debacle?

Mortgage lending and securities dealing has gotten more regulated since 2001, not less.

As someone once thoughtfully pointed out, sometimes increasing regulation has the perverse effect of leading people into a false sense of security: -- "if it's regulated, it must be safe" -- with the result that they take greater risks. In addition, the Federal Reserve -- a creature of Big Government -- is probably the dominant actor in the unfolding financial crisis, with the "Greenspan put" -- the widely held belief that the Fed will not let big investment companies collapse -- leading to an extraordinary increase in risk.

Roland Kayser | 5:54 p.m. May 3, 2008

To: BB King: According to the Census Bureau, median family income was $61,000 in 2000 (inflation adjusted), today it is $60,500. Although this doesn't seem to be a big difference, it is the first time this figure has decreased during an economic expansion. Incomes generally decrease during recessions and then recover and move ahead during expansions.

Flummoxed in Zion | 8:37 p.m. May 3, 2008

Just exactly what are the editorial writers of the DN smoking these days. Haven't they been paying attention. Much of our current problems is not just government, but our current particular incompetent administration. When you let people who don't believe in government run the government this is exactly what happens.

As for: "Left alone, the economy can correct itself." The alarm calls were there, adult supervision was needed, but Bush and Greenspan chose to ignore their duties. More of the same "free marketeering" in order to heal this festering wound would just rot the rest of the carcass.

We need intellect, guts and vision. We've tried most of the recently popular stereotypes.

Come on editorial board, start taking your vitamins and pay attention.

Stewart | 9:16 p.m. May 3, 2008

More than likely government intervention will cause more problems than it solves, by adding to the inflation already nearly out of control. The economic laws of supply and demand will take down much of the speculation that has been raging in the housing market. The government tells us inflation is under control, if fuel and food are NOT factored into the inflation equation. That seems like a sick joke.

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