It turns out that the American think the president is most responsible for the economy, even more than the Federal Reserve, says a new study.
According to a Bloomberg survey, conducted with YouGov, more than one-quarter (28 percent) of U.S. adults think the president is most responsible for the economy. This is followed by Congress (20 percent) and the central bank (17 percent).
Shame.
While President Donald Trump has targeted the Eccles Building and blamed it for the economy not accelerating even faster, the Fed is ultimately responsible for the booms and busts. With a simple flick of a switch, it can distort markets, pump money in the stock market, and destroy a depositor’s savings.
Moreover, this is strange thinking that the president runs the economy. Nobody in Washington runs anything, except running the country into the ground with waste and deficits.
Legendary economist Ludwig von Mises remarked in a speech:
“It is implied that the increase in the quantity and the improvement in the quality of products available for consumption are achievements of a paternal government. The incomes of the individual citizens are viewed as handouts graciously bestowed upon them by a benevolent bureaucracy.
“It is hardly possible to misrepresent in a more thorough way the fundamental facts of economics. The average standard of living is in this country higher than in any other country of the world, not because the American statesmen and politicians are superior to the foreign statesmen and politicians, but because the per-head quota of capital invested is in America higher than in other countries. Average output per man-hour is in this country higher than in other countries…… because the American plants are equipped with more efficient tools and machines.”
The only thing governments can do is provide a tax-friendly marketplace (zero percent!) and fewer regulations (none!) That is all.
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