Once again, Mitt Romney, a successful businessman and former governor of Massachusetts, offers his insightful advice about how to best stimulate the economy. His theory toward economic policies is much more Smithian than Keynesian. His tagline is Stimulate the Economy, Not the Government.
Quoting the CNN article: “In the final analysis, we know that only the private sector — entrepreneurs and businesses large and small — can create the millions of jobs our country needs. The invisible hand of the market always moves faster and better than the heavy hand of government” (emphasis added).
Lastly, in a letter to supporters he stated, “This is a time of hardship and uncertainty for millions of Americans. Unfortunately, the new President and the Democratic Congressional majority seem more concerned with stimulating the government than stimulating the economy.”
We need to stimulate the economy by freeing up more money from the clutches of our inefficient government. Our government needs to gain inspiration from Smith and Friedman (as far as arguing for smaller government), not Eva Perón’s welfare program or her husband Juan’s economic policies that led to the downfall of the Argentinian economy (please read the comments to this post for more about Argentinian economics).