To accomplish robust growth and lower unemployment to pre-recession levels, President Obama must temper his impulse to tax and regulate, and stop appeasing Chinaand Wall Street.
The Bush years were better than he admits, and a lot better than his policies promise. The 24 months prior to the financial crisis, unemployment was less than 5 percent.
Now, Treasury Secretary Geithner and liberal intellectuals advising the President say 10 percent unemployment is the new normal, tutelage to China is inevitable, and Wall Street financiers deserve obscene bonuses for engineering it all.
The pre-crisis prosperity was created by bipartisan policies that empowered Americans to create wealth.
Freer trade championed by Presidents since Kennedy, and deregulation begun by Carter with the airlines were critical. So were cutting excessively high taxes on middle and upper-income Americans, initiated by Ronald Reagan, interrupted by Bill Clinton, and reinstated by Mr. Bush.
Now, Barack Obama threatens to intrude into every dimension of private enterprise-not just in health care and banking. Large non-financial corporations have almost $2 trillion dollars in idle cash, because CEOs can't identify profitable opportunities and worry ever higher taxes and regulators on steroids will destroy their businesses.