Speaker Notes: From Keynote Speaker Dr. Stephen Happel, Professor of Economics at Arizona State University
“It’s time to take the “con” out of economics.”
If you can’t sell sex and booze, you sure as heck can’t sell cars and checking accounts. The government can’t run anything. When Uncle Sam took over the famous (and profitable) brothel, Utah’s Mustang Ranch, it was bankrupt within a year.
“A good heart is not enough. You need a good mind.”
We all want to help those less fortunate, but raising the minimum wage will hurt the poor. Beware the economics of envy. We want to be equitable, but when you raise taxes for the rich, you’ll collect fewer taxes. Today, the top 1% of our citizens pays 40% of all taxes collected.
“The combined effect of 4 things caused our economic crisis:”
- Abysmal performance by the Federal Reserve
- Clinton and Congress in the mid-80s re-writing CRA to get unqualified folks into homes
- Rating agencies were being paid by the entities they rated
- Mark to market
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“How we can get out of this:”
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“What the Obama administration is doing:”
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The good news? The consumption demographic looks favorable. Americans like to spend money, and as soon as they can, they will again. Which will be about the only thing to look forward to economically in the near term.
I really liked an article he handed out, “Demand and Supply” by Brian Wesbury (The American Spectator, April 2009). Here’s a nice excerpt:
“Demand-siders tend to be pessimistic, fret about greed, worry about leaving people behind, see everything as win-lose, and worry about running out of resources. They believe government can fix all of these issues. Supply-siders tend to be optimistic, get excited about others’ achievements, have faith that people can succeed, and believe things can always get better. They believe government often impedes success.”
If you want the entire article, email Rose and she’ll send it to you!
Keep the faith, my friends!
Becki
