The Little Book of Economics by Ip G

Author:Ip, G. [Ip, G.]
Language: eng
Format: epub
ISBN: 9780470929391
Publisher: Wiley
Published: 2010-08-25T22:00:00+00:00

Chapter Eight

All the President’ s Men

They Don’t Control the Economy But They Sure Do Try

PRESIDENTS LIVE or die by the economy. If you tracked public disapproval of the president against the unemployment rate, you’d see they move closely together. Unfortunately, being held responsible for the economy isn’t the same as being able to do something about it. Economic growth is the product of countless unorchestrated actions by business, consumers, innovators, investors, and government at home and abroad. A president may get a change in taxes or spending through Congress, but the effect on growth is often fleeting and hard to detect. The government agency with the most immediate, tangible influence on the economy, the Federal Reserve, is also the one the president is least able to push around.

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