Given that I have an interest in economic policy and like to read about it, I was asked by someone what my platform would be if I was running for President. In response, I offer up my set of guiding principles that could hopefully lead to better government and constructive policy ideas.
-Simplify the tax code. That probably means a flat tax and getting rid of all the loopholes and deductions. The issue, of course, is that in the short term it places a greater burden on lower income and middle class folks. Which probably makes it a non-starter. My response, without some empirical study to back it up, is that it would even out over time and be an engine for economic growth going forward.
-There should probably be some sort of means testing for entitlement programs.
-End our overseas excursions on behalf of liberty. And deal with the crony bidding system in place as it relates to the exchange between private defense companies and the military. I plan to expand on this point in a later post, but trust me when I tell you that the current system is outrageous.
-The government is simply an inefficient allocator of resources. But, unlike the true blue Libertarian crowd, I don't necessarily subscribe to an anarcho-capitalist vision. With that said, the size and scope of government's powers must be checked.
-Finally, the "PhD Standard" at the Federal Reserve (to quote Jim Grant) is a problem -- the idea that they can effectively target interest rates has been shown a fallacy these past 10 or 15 years. I'm not sure what that means policy-wise, but it needs to be addressed.
