Yes and Not Yes

The WSJ has a good interview up with Phil Gramm. One of the things Gramm talks about is how America is losing its competitive advantage in financial markets. One reason is the increase in government regulation post-Enron and now the sub-prime mess. A second reason is our relatively high corporate tax rates.

Also, Gramm says our advantage over the rest of the world has been our more efficient free-market system:

“Why is America the richest country in the world?” he asks. “It’s not because our people are more brilliant; it’s because we have a better free-market system. Why has Texas created 1.6 million jobs in the last 10 years whereas Michigan has lost 300,000 jobs and Ohio has lost 100,000 jobs? Because governance matters, taxes matter, regulation matters. Our opponents in this campaign are so dogmatic in their goal of having more government because they love the power it brings to them that they’re willing to let it impose costs on the working people that they say they want to help. I am not.”

When picking the President this November, consider very carefully the economic policies of the candidates. These policies will have an impact and could mean the difference between a new era of stagnation or a reinvigoration of our economy.