What things can a president do to impact the economy?
These are good questions to evaluate with elections coming up about in about a year!!
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May 1st, 2010 at 3:39 am
Too bad everyone didn’t consider these things before the majority elected Bush and Cheney and their business interests. When the big guy has his family tied up in the thing that affects transportation, I’d say it’s a huge impact.
May 1st, 2010 at 4:37 am
Less impact than one would think.
1. Congress creates policy by passing laws -> the president has to get a sponsor in the House and Senate to pass a law to implement or change a program. (Fiscal Policy – Kenyesian Economics & Regulation – government friction on economy)
2. The independent Federal Reserve controls monetary policy which has a bigger impact on the economy than anything else. (Monetary Policy – Neoclassicism: Milton Freidman)
3. The court system controls a great deal of the tone of regulatory policy by their rulings. (Regulation – government friction on economy)
1. The President is responsible for implementing policy through the many Departments of Govt. The nasty secret is the Bureaucrats run things. They can impede the President’s vision of things.
2. Adminstrative law – At the Federal level the Bureaucrats create regulations that are effectively laws for programs. The President may or may not effect this process.
3. Programs are often carried out at state level.
Does a President have an impact? Some but not as much as one would think. There are many other players in this game and there is a lag for policies fiscal or monetary to take effect. Some economists do not believe that fiscal policy has significant effect – even further lessening impact of President.
Psychologically, I think a President can make a big difference. Confidence does have an impact.