From Mr Randall Greene.
Sir, Jeffrey Sachs’ prescription for the second term of the Obama administration begins with a false premise (“Obama has four years to transform America’s economy”, November 12). Last week’s presidential contest was not a referendum on a stronger versus a “dismantled” government.
The core of the political debate would be better framed by the question: “Is investment by government, rather than by private industry, more likely to be successful in producing jobs?”
Professor Sachs’ proposal to increase the government’s claim on gross domestic product through higher taxes does nothing to effect a recovery in employment or avert the impending “fiscal cliff”. It merely reduces the availability of private capital and profit incentive, both of which are integral to economic growth.
A repeat of Prof Sachs’ failed prescriptions, such as those he offered after the collapse of the Soviet Union, is not the best medicine for the US.
Randall Greene, White Plains, NY, US