Economist John Tamny Speaks to the Capstone Classes

[FULL STORY]

Newman’s Capstone students attended a talk by economist John Tamny on November 18, 2010 in the Levy-Rosenblum Lecture Hall. Mr. Tamny offered the students his perspective on taxation, regulation, and other factors influencing income and the global economy. But despite the early hour of the 8:00 a.m. lecture and the potential dryness of an economic discussion, the event was anything but boring.

Economic advisor, senior associate with the Cato Institute, and editor for the Forbes Advisor, Tamny is also a libertarian firebrand. He voiced his beliefs in detail through the course of his lecture, “Government Barriers to Economic Recovery.” Referring to Calvin Coolidge’s low-tax doctrine, he said “if you want to raise taxes, a good way to do it is to lower them,” explaining that lower taxes would spur growth, which in turn would bring in more tax revenue. He also stressed the value of “the vital few” entrepreneurs and innovators that were not only incredibly wealthy, but made life better for all of us, such as Henry Ford, William Gates, and Fedex’s Frederick Smith. Thanks to these titans, said Tamny, we now drive cars, use computers, and can ship products anywhere in the world overnight.

But taxing the wealthy was not the only thing on his blacklist; he also took aim at regulation, saying it “harmed the ability to achieve profits,” and denounced farm and other subsidies as barriers to trade and “rewarding the failed at the expense of the productive.” He was also in favor of dispensing with income tax altogether in favor of a flat sales tax.

When it was time to ask questions, the Newman student’s capacity for critical thought, insight, and thirst for answers was evident. Tamny’s provocative views elicited some tough questions from the crowd, ranging from “what are the effects of globalism on the economy,” to “what do you believe the limited role of government should be,” to “do you support the idea of sweatshops?” Tamny provided some answers to these questions, but even the end of the lecture did not stop the conversation, which only increased as the class spilled out onto the Senior Patio.