Category Archives: Monetary Policy

Trump’s Trade Threats Are Hurting Growth

Posted in: Monetary Policy, Tax Policy | May 10, 2018 at 10:10 am , by mariel

Tariff tensions promote economic uncertainty, which in turn inhibits business investment. By Phil Gramm and Mike Solon Economic uncertainty and prosperity are sworn enemies—when uncertainty reigns, prosperity fades. Uncertainty undermines prosperity by sapping investor and consumer confidence, choking off private investment, and suppressing consumer spending. The depression that followed the 1929...

WSJ: A Booming Economy Will Challenge the Fed

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Normal growth will drive up the demand for bank loans and induce lending of excess reserves. By Phil Gramm and Thomas R. Saving Dec. 13, 2017 6:37 p.m. ET The asset base of the world’s financial institutions crumbled in the fall of 2008 as mortgage-backed securities collapsed and credit markets froze....

WSJ: Finding America’s Lost 3% Growth

Posted in: Fiscal Policy, Monetary Policy | September 13, 2017 at 11:53 am , by mariel

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If the country can’t grow like it once did, then the American Dream really is irretrievably lost. By Phil Gramm and Michael Solon Sept. 10, 2017 4:04 p.m. ET Growth deniers are declaring that America’s economy has lost its ability to grow at 3% above inflation. If that’s the case, maybe...

WSJ: Reagan Cut Taxes, Revenue Boomed

Posted in: Fiscal Policy, Monetary Policy, Tax Policy | August 4, 2017 at 10:36 am , by mariel

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Reagan Cut Taxes, Revnue Boomed WSJ Artwork

The model of tax-rate cuts and deregulation can work again to restore faster growth and lift incomes. By Phil Gramm and Michael Solon Aug. 3, 2017 6:51 p.m. ET A great advantage of having been present when history was made is that later you can sometimes recall what actually happened. Such institutional memory...

WSJ: The Economic Headwinds Obama Set in Motion

Posted in: Fiscal Policy, Monetary Policy | May 18, 2017 at 9:15 am , by mariel

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A booming recovery would force the Treasury and Fed to compete with the private sector for credit. By Phil Gramm and Thomas R. Saving May 17, 2017 Behind every significant postwar recovery has been the same driving force: a sustained rise in private investment and new home building, which increased...

WSJ: Why This Recovery Is So Lousy

Posted in: Financial Services, Fiscal Policy, Monetary Policy | October 18, 2016 at 10:51 am , by mariel

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Don’t believe the line that slow growth is inevitable after financial crises. Bad policies yield bad results. By PHIL GRAMM and MICHAEL SOLON Aug. 3, 2016 Donald Trump has been criticized by Democrats and Republicans alike for saying that “the American dream is dead.” But instead of slaying the messenger,...

WSJ: The Subprime Superhighway

Posted in: Fiscal Policy, Monetary Policy | October 6, 2016 at 5:29 pm , by mariel

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The U.S. and Europe are lowering capital standards for ‘investments’ in public infrastructure—ignoring the lessons from 2007-08. By, Phil Gramm More government spending, particularly for infrastructure projects, is the mantra in Washington and other capitals. But two factors stand in the way. First, the governments of most developed economies are...

WSJ: The Federal Reserve’s Accountability Deficit

Posted in: Financial Services, Fiscal Policy, Monetary Policy | October 15, 2015 at 9:50 am , by mariel

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The Federal Reserve's Accountability Deficit

Every member of the Fed’s Board of Governors is an Obama appointee. That wasn’t supposed to happen. By PHIL GRAMM And THOMAS R. SAVING Oct. 14, 2015 6:27 p.m. ET The Federal Reserve enjoys extraordinary independence from the elected branches of government, based on the well-founded fear that politicians cannot be trusted with...

WSJ: How Obama Transformed America

Posted in: Fiscal Policy, Monetary Policy, Regulatory Policy | August 24, 2015 at 12:33 pm , by mariel

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His progressive legacy won’t last because he passed vague laws and abused his executive power to impose policies that are unpopular. By: PHIL GRAMM Aug. 23, 2015 6:03 p.m. ET How did Barack Obama join Franklin Roosevelt and Ronald Reagan to become one of the three most transformative presidents in the...

WSJ: Dodd-Frank’s Nasty Double Whammy

Posted in: Financial Services, Fiscal Policy, Monetary Policy | July 27, 2015 at 10:23 am , by mariel

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The legislation has hit the banking industry hard, hurting the recovery. Worse is its effect on the rule of law. By PHIL GRAMM July 23, 2015 7:07 p.m. ET Five years after the passage of the Dodd-Frank financial law, the causes and effects of the failed economic recovery are apparent...