Disastrously Antigrowth

Obama's economic policies are disastrously anti-growth. Health-care policy would substantially raise costs, reduce the quality of care and reduce people's control over their own health-care decisions--a lose, lose, lose. There has been no progress on trade policy, bilateral or multilateral, and there are significant risks of a major backlash against free trade, particularly related to the cap and trade bill. Tax rates will rise dramatically, with proposals now to raise the highest federal tax rate to 45%, and that does not include all the new taxes.

When you get to 2012, or even 2010, you're looking at serious potential consequences for the Obama administration. I think his economic team is probably telling him this. But Obama is truly ideologically committed to the leftist agenda of expanding government in irreversible ways. I don't think economic growth is very high on his list, and perhaps he is even willing to risk not being reelected.

Charles W. Calomiris is a visiting scholar at AEI.

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About the Author

 

Charles W.
Calomiris
  • Charles W. Calomiris is the Henry Kaufman Professor of Financial Institutions at Columbia Business School. He is also a research associate at the National Bureau of Economic Research, a member of the Shadow Financial Regulatory Committee and the Financial Economists Roundtable, and the coordinator of the Bank Performance and the Economy program at the Center for Financial Research at the Federal Deposit Insurance Corporation. Until 2007, he was the co-director of AEI's Financial Deregulation Project. His research at AEI spanned several areas, from banking and corporate finance to financial history and monetary economics. Calomiris also served on the 2000 International Financial Institution Advisory Commission. Known as the Meltzer Commission, this congressionally mandated group recommended specific reforms of the International Monetary Fund, the World Bank, the regional development banks and the World Trade Organization to the U.S. government.
  • Phone: 2128548748
    Email: ccalomiris@aei.org

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Wednesday, April 16, 2014 | 10:00 a.m. – 11:00 a.m.
Calling treason by its name: A conversation with Liam Fox

Join us at AEI as the Right Honorable Liam Fox sits down with Marc Thiessen to discuss and debate whether America’s intelligence agencies have infringed on the personal privacy of US citizens.

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