other things for example it’s illegal to drill for oil wells in what the oil companies have identified, as the best locations where they might find oil you just can’t do it. In addition the “government has done many things to increase the risk of loss which also discourages borrowing for production” inflation makes the whole economy more uncertain, thus; increasing risk, together with the possibility of new regulations, and controls descending on you at anytime to destroy the product of your effort is also very discouraging. (Buechner Recording) ConclusionNone of these methods none of the things I have discussed not one existed in the 19th century. There was no government spending out of new money in 19th century. Money was gold, and it was limited by the gold supply. There were no phantom goods in the 19th century. There was no phantom labor in the 19th century. There was no income tax in the 19th century. There was no corporate profits tax, or at least at the federal level. There was no social security. There was no inflation in fact Buechner points to a period which I would like to emphasize when the United States had 30 years out of this 40 plus year period when we were growing over 5% a year when the economy was actually deflating – that’s when the average price level was falling 1 or 2% a year. (Recording) There were no taxes on interest income, there were no tax breaks on consumption debt because there was no income tax, there was no safety net you had to build your own net. Bankruptcy was a disaster to go bankrupt was a true horror at that time. There was no federal deficit, there were no federal government regulations and controls, and very little on the state level. So if you want to increase economic growth I believe we need to move in that direction. I believe as a matter of political realism there is very little that is possible politically today. There is some significant concern about ...
