BizJournals Portfolio
Jul 26 2007 12:00am EDT

When will the candidates talk growth?

The economy is slowing down. The stock market is looking shakier after a huge run up. Oil prices are climbing. The housing and subprime markets are a mess. Do you hear any of the candidates talking about these things? If the word growth came up in the Democratic You Tube debate, I didn't hear it. Democrats need to talk about growth if they want to keep their mojo going. It's not enough just to talk about Iraq or health care even though they're both vital issues. Democrats who have won have had pro growth agendas. If you look back at the 1992 campaign, Bill Clinton had a set of plans to get the economy moving. A lot of them went nowhere--the middle class tax cut, the Robert Reichian idea of having companies of a certain size be mandated to set aside funds for worker retraining. Those got scuttled when he took office and his modest "stimulus package" went down to defeat. Eventually the modest recovery that began at the end of the first Bush administration was goosed along by Rubinomics--bringing down the deficit substantially with a tax hike and restraining spending plus a market-assuring emphasis on open trade. That all worked then and it may not be what's needed now. I don't know what is. But growth is not a given. At some point all the Democrats--more so than the Republicans who have a Pavlovian reflex about tax cuts, tort reform, and spending discipline--need to lay out what they want.


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