|
|
Movers on the Lamm
This Presidential election didn't have many issues to start out with, and born again Republican Bill Clinton has co-opted most of the rest. The only big issue remaining is the old standby: the economy, stupid.
Mr. Dole is losing his struggle with oblivion, but trudges on, pushing tax cuts and tax reform in order to "get the country moving again."
Mr. Clinton is pressing his advantage as the savior of Medicare and Social Security, and claims that only his intervention can solve the problem of "stagnant wages" and, sure enough, "get the country moving again."
Circumstances have conspired to surprise these gentlemen, and perhaps provide them with some competition.
Turns out we got moving all by ourselves, and too damn fast. The economy is accelerating from 2.3% growth in the first quarter to an inflationary 4% or more in the second. Last Friday, the Labor department released another one of those payroll reports: 348,000 new jobs in May alone, and 165,000 jobs it missed in April -- roughly triple the forecast.
Mr. Clinton quite naturally called a press conference to crow about his success with the economy, stupid. In one of those grand moments of political absurdity, just as "É9.7 million jobs in three years!" faded into echo, the threat of inflation panicked the the Dow down 85 points, the bond market into its worst morning in two years, and mortgage rates to 18-month highs.
A smart reporter asked: won't this too-rapid growth force the Fed to slow things down? Mr. Clinton doesn't like hard questions, and huffed that since there wasn't any inflation, the Fed should leave rates alone. The Fed, however, is in the prevention business: once you see the whites of inflation's eyes, it's too late.
Meanwhile, the Senate has yet to confirm the appointments of Mr. Greenspan and two new Fed governors. The vote has been held up by Senator Tom Harkin (D, Iowa; '88 Presidential candidate), who wants the Senate to debate economic growth and Fed policy. Harkin is an epic nitwit on the subject, in league with the fast growth, print-the-money boys.
The Senate wants no such debate. It is embarrassing for Senators to stand before cameras and argue that politicians can't be trusted with money. They know they can't, and support the Fed, but not in public, for heaven's sake.
The delay has made the situation awkward: the economy may force the Fed to raise rates before the confirmation vote. This accident of timing will attract attention to the difference between expedience and responsible stewardship, however painful or unpopular.
Enter Dick Lamm, tenative candidate of the Bull Mouse Party. No government-as-spin from him. The budget is paramount: no phony numbers, no "eliminate waste and fraud," no ten year plan, no exception for Medicare and Social Security, no pretense that we can have more than we pay for, or that somebody else should pay.
There are a lot of people who don't care for Mr. Clinton but are driven to him by Mr. Dole's anti-campaign. Other non-fans want Mr. Clinton around to checkmate Mr. Gingrich. Many more were attracted to the straight financial pitch from Mr. Perot early the last time around, but couldn't possibly vote for the man. A fifth of the country did, anyway.
There is an opening here, and I hope Mr. Lamm gives it his shot. If nothing else, it'll get the other two fellows moving again.
|
