Some Good Advice From One Who Has Been There...

by: Les Carpenter
Rational Nation USA
Liberty -vs- Tyranny

George Schultz - President Reagan's Secretary of State and Treasury

And where might we find such a statesman today. A person with such experience and one who commands respect? Our nation is certainly in need of one.

The Wall Street Journal, Stanford, Calif. - George Shultz has one of the most preposterously impressive résumés in recent American history. World War II Marine (1942-45); distinguished academic economist; business executive; secretary of labor (1969-70); director of the Office of Management and Budget (1970-72); secretary of the Treasury (1972-74); chairman of Ronald Reagan's economic transition team; and the secretary of state (1982-89) who wound down the Cold War.

He's also been an active adviser to GOP leaders including George W. Bush in the years since. And, as I just learned, he's not a bad singer either.

When I called out of the blue on Wednesday morning, the 91-year-old éminence grise was in his office at Stanford University's Hoover Institution and willing to meet for an interview that afternoon.

The executive summary? On the economy: "We have some big problems in this country." He's very concerned about debt, and about monetary, tax and regulatory policy. On foreign policy: "We're weaker, much weaker" abroad than we were two decades ago.

But despite it all, Mr. Shultz is confident that if we get the policies right again, America can regain its footing: "When Ronald Reagan took office, inflation was in the teens, the prime rate was in the 20s, and the economy was going nowhere. We still had the remnants of wage and price controls, particularly in oil and gas. And Jimmy Carter said we were in 'malaise.' It was a bad time. I'm convinced the economy can be turned around because I watched Ronald Reagan do it."

"It took long-term thinking," Mr. Shultz emphasizes. "I'll give you an example. [Reagan] knew and we all advised him you can't have a decent economy with the kind of inflation we've got. . . . The political people would come in and say 'You've got to be careful, Mr. President. There's gonna be a recession [if the Federal Reserve tightens the money supply]. You're gonna lose seats in the midterm election.'

"And he basically said, 'If not us who? If not now when?' And he held a political umbrella over [Fed Chairman] Paul Volcker, and Paul did what needed to be done. And by late '82 early '83, inflation was under control, the tax changes that he made were kicking in, and the economy took off. But it took a politician with an ability to take a short-term hit in order to get the long-run results that we needed. { Read More}

Indeed. Taking a short term hit in order to reap long term gain. Undoubtedly in today's special interest winner take all political climate such noble ideals seem to have long been forgotten.

Are you taking note candidate Romney? Oh, and you as well Mr. President.

Via: Memeorandum