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Forbes On Obama: "Most Statist Presidency Since The Early 1930s"

Steve Forbes discusses Ronald Reagan's legacy and the economic challenges facing the United States today at a seminar hosted by the Ronald Reagan Presidential Foundation, the Manhattan Institute and The Wall Street Journal.

"...the period from 1982 to 2007 was one of the most extraordinary periods in human history. Never before had so many people in so many parts of the world advanced so quickly economically as happened in that quarter of a century."

"What in the world went wrong? Well, first, the virus of Keynesianism, statism, never really was expunged. It was just there ready for the right environment to explode again, which we saw with gleefulness on their part in 2008, 2009. The New Deal had never in their minds been discredited, they had forgotten about the 1970s. They thought that wise people like themselves could masterly manipulate government, could do great things."

Forbes also argues that while inflation was tamed during the "Reagan Revolution," the debate between "monetarists" and those who think the dollar should be tied to gold was never "fully resolved" during the Reagan era.

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