Kerry's challenging Bush on the performance of the economy is based on the mythology that the president has control of the economy because of his control of government. Many factors affect the performance of the economy. Government functions are only one of those factors.
Under the doctrine of separation of powers and our Constitution, the president only has control of the executive branch of government. Except for legislative veto power, he has no control of the legislative and judicial functions. Neither does he control the Federal Reserve Board.
The decisions of consumers, investors, producers, manufacturers, retailers and businessmen greatly affect the performance of the economy. Their impact on the economy is evidenced by the operation of the law of supply and demand. Other factors affecting performance of the economy are business cycles, weather and other natural phenomena, wars, international business competition and foreign government policies.
Free markets automatically regulate the economy much more efficiently than government ever could. This is a lesson learned from Russia's experience with communism and England's experience with government regulation of business. In spite of numerous efforts, President Roosevelt could not lift us out of the worldwide depression of the 1930s. That did not happen until our economy was rescued by the business stimulation of World War II demands.
The small majority that the Republicans had in Congress further limited what a Bush administration could do to stimulate the economy. Reducing corporate income taxes to corporate tax levels of the world's major industrial powers would make American business more competitive. That would also curb the flow of jobs overseas. Democrat hostility to big business and a commitment to repeal Bush tax cuts make such an approach unlikely in a Kerry administration. However, we simply cannot be competitive in some foreign markets if we have to pay to ship products overseas.
Since our economy is now improving, more new jobs will be created in a second Bush term. Senator Kerry has demonstrated, by his complaints about the economy, that he does not understand the role of government and its limitations in respect to the economy. With this basic lack of understanding, he is not equipped to lead our country.
Jim Winter, Payson