Saturday, September 24, 2011

Free Markets and Choice Key to Preventing Depression

By Bill Wilson

In the face of a deteriorating economy, the liberal-left has been scurrying to assign blame for the impending disaster while offering “solutions” that would further entrench their stranglehold over America. It has become a mantra, repeated over and over from all quarters of leftist academia and media.

No better summation of the policy prescriptions from the neo-Marxists can be found than in a recent article by celebrated economist Nouriel Roubini. In “How to Prevent a Depression,” Professor Roubini lists eight steps that need to be taken on the international and national stage. While it would take a tome to respond to each of his suggestions, point number 7 does need to be addressed.

Roubini writes, “advanced economies need a medium-term plan to restore competitiveness and jobs via massive new investments in high-quality education, job training and hume-capital improvements, infrastructure and alternative/renewable energy.” Translation: massive “stimulus” that kicks borrowed money to the ivory towers of academia, union honchos, and the crony-socialists selling the snake-oil of green industry.

Let’s take each of Professor Roubini’s points one at a time and see if there is a better way to achieve the same goal.

On education, America spends billions more and more each year on a system that produces weaker and weaker results. We have built up an education-industrial complex that is sucking the life out of local and state governments. But if you accept the proposition that we need a better educated workforce then way not go a different route?

Universal education choice would cost us less than we spend now, put parents in charge of judging the end product, end the culture wars still raging in our schools and once and for all end the tyranny of organized labor in the classroom. Is this what the good Professor has in mind? Doubtful. But if he is being honest about enhancing education outcomes, there is no real alternative.

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