"Economic growth is the only ingredient that will help pull the country out of its present funk and allow us to solve our pressing issues."
Indeed. In fact, it's the only elixir that addresses every ill we face. The parties talk about "creating jobs", but that is child's play. With unlimited money, anyone could create "jobs." The question though is whether jobs have anything to do with fiscal improvement for the nation, with restoring a productive economy that "creates jobs" on its own, without having to take money from people at gunpoint in order to "create jobs." We could pay people to hold up signs on the streets, but would that make for economic growth? No, in fact, it would make for destruction of wealth. Growth comes from conditions in which a business can create more wealth from a new hire's labor than the new hire costs the business.
Or, as stated here today:
"The first problem is that Keynesian prescriptions are filtered through a political process being driven by many competing agendas, of which balanced economic growth is only one. The second problem is that both Keynesian economics and the political process are almost entirely focused on short-run demand-side concerns while largely ignoring the long-run importance of economic productivity. The result is a political dynamic that has increasingly turned Keynesian economics into a prescription for fiscal irresponsibility that undermines economic growth without promoting economic stability.
This Post http://cafehayek.com/2012/10/some-links-218.html at the Cafe is all solid gold.
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