Over the past year, politicians, pundits, and policy makers on both a national and state level have argued about the best ways to moderate the worst effects of the so-called Great Recession while improving the prospects of recovery. Based on the actions of our current leaders, government interventionism seems to be their answer. In a time when stimulus packages funded by massive deficit spending and future tax hikes are offered as economic panaceas, one may ask: is now the time and place for free market reforms designed to decrease, rather than increase, the role of government in the economy?
According to the speakers at the “State of the Economy Symposium” held this past Saturday, February 6, that answer is a resounding yes. This open-to-the-public event, organized by the University of Detroit Mercy Department of Economics and held at
The half-dozen issues discussed at the symposium ranged from the rather esoteric (“The Use of the Yield Curve as a Predictor” of recessions) to the more general (“The State of the State”). David Breuhan, financial consultant and author of the new book “Spread the Wealth: More Haves, Fewer Have Nots,” called for a new “American Renaissance” in which individuals would hold themselves accountable for their personal prosperity while holding their elected officials responsible for serving the interests of the people. Enthusiastic support for free markets and skepticism towards government interventionism were the common threads that tied the diverse range of topics together.
Perhaps the segment most relevant to those living and working in
Posing as “Governor,” LaFaive addressed the “Michigan Legislature”—in reality, the crowd of attendees—in a presentation that he believed Granholm ought to have given. LaFaive pulled no punches as he outlined the harsh economic realities facing the state of Michigan, and he was sharply critical of actions taken by the Granholm administration that have resulted in a rising cost of living even as people are fleeing Michigan for better opportunities in droves.
Professor Harry Veryser, University of Detroit Mercy Director of Graduate Economic Programs, brought the symposium to a close. Veryser stressed the need to restore “able and willing,” or the ability and willingness to take economic risks, to the economy as a whole before any true recovery or growth will be experienced. This is a task he feels best tackled by working to get the government out of the way of private enterprise.
When asked about his unabashed defense of capitalism, something the average
Professor Veryser explained that this series of quarterly economics symposia, now in their third year, are provided “as a community service, to try to bring general economic issues to the public” in an approachable, easy-to-grasp manner. The next in the series will be held Saturday, April 17. The roster of speakers has yet to be announced.
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