George Shultz: Memo to Romney — Expand the Pie

Wall Street Journal ^ | July 13, 2012 | ROBERT L. POLLOCK

[Daveinyork]

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."

[Daveinyork]

orderly and controlled by whom? The government? right. they do a bang up job with everything else they do.

I’m from the government, I’m here to help.