Thomas E. Nugent on Economic Technology

NRO Financial:
"Since 1971, there have been three important advances in economic technology that have allowed the U.S. to maintain leadership in economic policy: the removal of the gold standard, a dramatic change in monetary policy, and pro-growth tax-rate reductions. Taken together, they represent the continuing triumph of economic technology. "

"President Bush's second term is likely to be characterized by further changes in fiscal policy that will lower taxes for most Americans and provide additional fiscal-policy stimulus to keep the U.S. economy on a growth track. One risk to a continued strong economy and bull market is the possibility that the majority of liberal politicians, along with some traditionally conservative politicians, fail to recognize the need for deficit spending when the economy is not operating at full capacity.Still, without the advances in economic technology during the last 35 years, we wouldn't be world leaders. The U.S. took the lead in the development and implementation of economic technology and changed the lion's share of world economies for the better. "

Read it all if you can.