Allan Meltzer dissects Obama’s economic policy in today’s Wall Street Journal:

The administration’s stimulus program has failed. Growth is slow and unemployment remains high. The president, his friends and advisers talk endlessly about the circumstances they inherited as a way of avoiding responsibility for the 18 months for which they are responsible.

But they want new stimulus measures—which is convincing evidence that they too recognize that the earlier measures failed. And so the U.S. was odd-man out at the G-20 meeting over the weekend, continuing to call for more government spending in the face of European resistance.

The contrast with President Reagan’s antirecession and pro-growth measures in 1981 is striking. Reagan reduced marginal and corporate tax rates and slowed the growth of nondefense spending. Recovery began about a year later. After 18 months, the economy grew more than 9% and it continued to expand above trend rates.

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Because of the resignation of Hillary Clinton from the U S Senate and the subsequent appointment of Kirsten Gillibrand, both of New York’s U.S. Senate seats are on the ballot this fall. While most of the focus has been on a potential dust up between the Junior Senator and former Congressman Harold Ford, Jr., no one has emerged as a potential candidate to oppose Senator Chuck Schumer, who’s campaign coffers contain more than $30 million.

But a candidate might emerge. New York Tea Party leaders are talking up the potential candidacy of CNBC Talking Head and former Reagan Advisor Larry Kudlow. A graduate of the University of Rochester, Kudlow is one of the architects of the Reagan tax-cuts that sparked one of the great economic boom in modern times. Kudlow who also worked for New York Senator Daniel Patrick Moynihan, is recognized as a leading anti-tax supply side economist. Kudlow is also know as one of the most effective debaters on the Right.

Kudlow is  known to have beaten an addiction to cocaine which almost derailed his career. Kudlow was addicted to coke and he beat it, Schumer is addicted to special interest campaign contribution and that’s a bigger problem today. Kudlow is the kind of candidate who could raise tea party money across America . Kudlow could also command the Republican and Conservative nominations and might even be able to petition his way on the ballot as the Libertarian party nominee.
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