▼ Show Notes
I discuss the current economy and government’s role in the economy in this episode. Making sense of the current employment situation, prices, scarcity of some goods, and this peculiar economic environment is challenging for all of us. Something peculiar is occurring, and it appears to be related to changes in the way people view work and spending money. And this appears to be the result of a change in our culture that originated with the Covid pandemic.
The News and the Economy
I explain media reporting on the news and the economy and changes that have occurred over the years. We get more information more quickly, but the press seems to polarize our nation. We now assign the economy to our government’s policies all too readily. We say things like, “the Biden economy,” and we tend to attribute positive and negative economic indicators to the current administration. President Trump made claims that he somehow caused the stock market to grow in value during his administration.
Our government, specifically the President and Congress, can set the tone for economic prosperity through policies, legislation, and rhetoric. But the economy in a free-market system will fluctuate cyclically without government intervention. I favor less government intervention and more economic freedom to allow free-market forces to run their course.
The Constitution and the Economy
I review the U.S. Constitution and important provisions that relate to our economy in this episode. My hope is that this brief review provides much needed clarity. We have advanced the perceived role of the President far beyond the intent of the framers of the Constitution. Our media holds the President accountable for the U.S. economy such that the executive branch tends to claim credit for economic outputs that are unrelated to its policies. Consumer confidence matters, and the President does set the tone. But government plays a specific, narrowly defined role in our economy per the Constitution.
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