An Economic Policy for an Election Year

By Murray Weidenbaum. Murray Weidenbaum is director of the Center University . | The Christian Science Monitor, August 25, 1992 | Go to article overview

An Economic Policy for an Election Year


Murray Weidenbaum. Murray Weidenbaum is director of the Center University ., The Christian Science Monitor


TODAY'S economic conditions present a bonanza for doom-and-gloom peddlers. It is so easy to identify serious shortcomings, notably slow growth and high unemployment.

But the ephemeral debates of the day overlook the fundamentals of the situation. The United States is going through several painful but necessary adjustments all at the same time: adjusting to the end of the cold war, dealing with an economic slump, working off a tremendous array of surplus real estate, and reducing the unusual indebtedness of consumers and businesses.

It is a tribute to the underlying strength of our private-enterprise economy that, under these difficult conditions, it is continuing to grow at all - even though at times we need a microscope to spot the increase.

Meanwhile, we must be wary of the nostrums offered by the critics who are rattled by recent events. Those who urge hasty and drastic action should take a leaf out of the physicians' standard guidance: "First, do no harm." In the late 1970s we saw how quickly rising inflation can be generated. Likewise, in the early 1980s we experienced the pain involved in bringing down escalating inflation.

Those who have forgotten recent history are urging major new spending programs that will increase the budget deficit and lead to another inflation-deflation cycle. This is not a plea for a do-nothing policy. Now is precisely the time to put into place a long-term growth policy that will meet the needs of the very different kind of economy that is emerging from the end of the cold war.

In place of the military rivalry between the US and the Soviet Union, Americans must meet the growing competition of the global marketplace. This requires a different way of thinking about national policy. Because defense and foreign affairs are uniquely the responsibility of the federal government, the private sector plays an important but supporting role. Private firms produce the needed weapons and equipment, but under detailed government supervision.

In the civilian economy, these responsibilities are reversed. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

An Economic Policy for an Election Year
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.