A Quote by Richard Thaler
In a democracy, if a government creates bad policies, it can be voted out of office. Competition in the private sector, however, can easily work to encourage phishing rather than stifle it.
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If you work for the federal government, the average salary is $7,000 higher than the private sector. Something's wrong with that, when you're making more money working for the government than you can working in the private sector.
It's just the banks who are the latest target of the American socialist left. There is a war on the entirety of the private sector. It is the private sector that employs most of you, that services most of you, that creates the economic prosperity that our nation has enjoyed - and there is a war on that private sector, and it's being waged from the Oval Office, and its foot soldiers are on Wall Street and in other cities around the country.
In World War II, the government went to the private sector. The government asked the private sector for help in doing things that the government could not do. The private sector complied. That is what I am suggesting.
Government investment unlocks a huge amount of private sector activity, but the basic research that we put into IT work that led to the Internet and lots of great companies and jobs, the basic work we put into the health care sector, where it's over $30 billion a year in R&D that led the biotech and pharma jobs. And it creates jobs and it creates new technologies that will be productized. But the government has to prime the pump here. The basic ideas, as in those other industries, start with government investment.
I believe that "government", as we know it today, should pull out of most things except for law enforcement and justice, national defense and foreign policy, and let the private sector, a "Grameenized private sector", a social-consciousness-driven private sector, take over their other functions.
The government doesn't run the economy. The economy is run by the private sector. The job of the president is to ensure we [the state] have policies that allow the private sector to grow and prosper.
Since the government creates no wealth, it can only transfer the wealth required to hire people. Even if the government creates a million jobs, that is not a net increase in jobs, when the money that pays for those jobs is taken from the private sector, which loses that much ability to create private jobs.
When government 'creates jobs' by taking money from the private sector and 'investing' in favored projects, it is not truly productive activity. Rather, the government has preempted the economic process, forbidding it to serve consumers so that it can instead serve the objectives of politicians and bureaucrats.
The federal government should encourage rather than micromanage market reform in all 50 states. Since health care is local, private-sector innovation in conjunction with state-level reform of the individual and small-group markets is a better approach.
I believe the private sector and small businesses drive our economy, and that means the federal government should work to ensure the private sector is as robust as possible.
Despite its potential, the federal government has restricted funding for creating new cell lines - putting the burden of any future research squarely on the shoulders of the private sector. Government's most basic responsibility, however, is the health and welfare of its people, so it has a duty to encourage appropriate scientific investigations that could possibly save the lives of millions.
Government policies and regulations in the postcrisis era have aided the hollowing-out of middle America far more than anything the private sector has done. These changes even expanded the wealth gap by making asset owners richer at the expense of renters.
If you look at the fact that the best chance we have for a good economy is the private sector. The government cannot create jobs. If the government could create jobs, then Communism would have worked. But didn't work. So what we have to do is allow the private sector and the entrepreneurial spirit to lead us back to a job-filled recovery.
Living standards in both the public and private sector have to be brought down. The private sector has to sell more abroad and consume less at home. The government sector has to get closer to just spending what it can collect in taxes.
The biggest difference between the private sector and public sector is in the private sector, there's a sense of urgency because you have customers and you have competitors. Whereas in government, one of your major objectives is to not make any really big mistakes.
We're just trying to end illegitimate government support for a single technology, which is un-American. We should be leading the world in the next generation of technological innovation. But we can't unleash private capital because of what the government is doing to stifle innovation and to choke competition.
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