It baffles my mind that politicians are trying to sell to the public that “they” are the ones that will solve all the economic problems. It is generally acknowledged that the Dot-Com Boom of 1999-2000 was artificial in nature. It is also generally acknowledged that the Housing Boom between 2002 and 2008 was also a bad thing fueled by loose credit and inflationary money, resulting in an over supply of houses. The politicians in effect are all trying to sell us the “snake oil” that will ignite the next economic boom. Do we really want another roller coaster ride?
The first problem I see that most politicians are lawyers… not accountants, not economists and not engineers. Their primary skill is campaigning, not economics or even governing.
The second problem that I see is that any artificial economic boom is driven by artificially created forces that are not sustainable. When the artificial forces driving it are exhausted, the economy returns to a normal level. That normal level then seems like a recession by comparison.
The problem here is obvious and repetitive. Politicians, in an effort to get elected promise wealth to the public beyond what is normal in an economy. The solution is to lower our standards of what is a good economy and not buy the Snake Oil of politicians.