Sep 08 2016 43 mins 2
The American economy’s biggest problem is growth. To achieve growth, Hoover Institution fellow John Cochrane argues, America needs to simplify the tax code and deregulate the economy. He discusses how government agencies must conduct serious, transparent, and retrospective cost-benefit analyses, get rid of special interests, and remove disincentives if they want businesses to flourish. Cochrane notes that the US economy needs more innovation, deep tax reform, and better regulations to unleash growth. When business owners can depend on good policy and not pay for play, they will start and invest in their companies and the economy will expand. Cochrane discusses the future of American economic growth and how he believes it can be fixed. Cochrane encourages us to have more faith in democracy because if the right policies are put in place the economy will quickly improve and everyone will be better off. According to Cochrane, "America needs better policy and governance under the rule of law." He also discusses the benefits of lowering and even ending corporate taxes to reduce price inflation and outsourcing jobs overseas. Cochrane points out that the ability to bring people together to get good bills through is what a great politician like Lincoln did; it is hoped that the next president will do this. Robinson and Cochrane further debate technological innovation, the role of robots in the economy, and whether Americans need to be concerned about robots taking over our jobs.
