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R. E. Harper Economic Forum May 6, 2009

Pat Toomey spoke today in Pittsburgh at the R. E Harper Economic Forum. This event brought to Pittsburgh by the Commonwealth Foundation was not a political event. However, I have to assume that like I, many attended the Economic Forum to hear Pat Toomey the featured panelist.

Mr. Toomey did not disappoint. While he described an economist as one who tells you something you should already know in a language you can’t understand, his command of the subject was impressive. For the first time since the “economic crisis” I finally heard a public official coherently explain exactly how we got to where we are now in the financial crisis. In addition, Mr. Toomey expressed concerns about five policy errors (1) protectionism, (2) regulation, (3) higher taxes, (4) expanded labor power, and (5) increased government spending. These five policy errors expanded and lengthened the Great Depression and are now being repeated by the current administration and Congress.

Other panelist included Rich Harper, of R. E. Harper Associates, LLC and Joshua Lorenz of Meyer, Unkovic, & Scott, LLP. Mr. Lorenz, in particular discussed how government’s actions have changed business risk. As a result investors and their money remain out of the markets.

There were a number of thoughtful questions from the audience. One that I would like to share with you ---- (I’m not a secretary so this is paraphrased) “What motivates the other side?” The response was “While we value liberty, they have justified the subordination of freedom to achieve equity. Therefore, they will forgo growth and wealth creation to achieve equity.” The problem is they will achieve neither.

My comments:
I hadn’t thought about it before; but, the response to this question is exactly what Mr. Obama, now President Obama said during the campaign. When told by a reporter that raising the capital gains tax would produce less growth and actually lower Federal tax revenue, Obama looked right into the camera and said yes but it is about “fairness.” Friends we have a President, Congress and compliant press that are less interested in economic growth and more interested in “remaking America” in their own image of so-called fairness. Unlike previous Presidents and previous leaders, the people in power today are less interested in a stock market rebound and 401(k) growth, than they are in using the crisis to accumulate the power to remake America.

Unless we elect leaders with the intellectual capital to take on this “slavery in the name of so-called fairness” our Liberty is gone. I dread the day when we can no longer respond “yes” when asked as we sign the national anthem “O say, does that star-spangled banner yet wave --- O’er the land of the free and the home of the brave?”

Suggested actions:
(1) Visit www.commonwealthfoundation.org. The Commonwealth Foundation is an independent, non-profit research and educational institute that develops and advances public policies based on the nation’s founding principles of limited constitutional government, economic freedom, and personal responsibility for one’s actions.

(2) Begin your search for elected leaders with the intellectual capital to take on the forces of socialism by visiting www.toomeyforsenate.com.

Best regards,

Wexford Bob

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