The best thing is for the creditors and authorities to get a deal that helps Greece to grow,in the view of John B. Taylor,Professor of Economics at Stanford University.Each side is gonna try to get the best deal they can.If they can put in some good economic growth plans,I think that's the answer to this-to get Europe back on the growth track.The growth in the early eighties was 5.9%.Steady as you go,keeping the tax rate low-that's what my research shows.
We in America could get into a situation like Greece.We can get back on track with just some sensible adjustments.It shouldn't be that hard.The Fed has bought so much debt,people don't know how they're gonna get out of that,so the banks are sitting on all that cash.
We just have to contain the entitlement growth.It'll lead to a better system.We got away from all this in the eighties and nineties,but we fell back into it,the interventionist policies.Get back to predictable,reliable monetary policies and we'll be in good shape,Dr.Taylor feels.
John Taylor is a former member of the President's Council of Ecomomic Advisors from 1989-91.He is currently a Senior Fellow in Economics at the Hoover Institution.Dr.Taylor is author of the book "First Principles:Five Keys To Restoring America's Economic Prosperity."
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