“There is no better way to do this than to reduce tax rates — permanently”

This economic truth comes from Duke University economics professor John Coleman, commenting to the Herald-Sun about today’s presidential job summit.

John Coleman, an economics professor at Duke University’s Fuqua School of Business, said in a statement from the university that the government should recognize that it’s the private sector that creates jobs and thus stimulate the economy by reducing taxes.

“The lack of response to recent government programs, such as the $787 billion stimulus package, suggests that the government can do little directly to ‘create jobs,'” Coleman said. “Indeed, it can make things a whole lot worse by ballooning the already sky-high deficit.”

Coleman said the government’s role should be to provide long-term incentives to stimulate jobs creation in the private sector.

“There is no better way to do this than to reduce tax rates — permanently,” Coleman said.

Unfortunately, we know President Obama believes the opposite, as evidenced by his massive bailouts, astronomical spending, and tax hike proposals. This approach has not, and will not, lead to prosperity. In the brief interview, JLF’s Roy Cordato explains the fallacy of keynesian economics, which is the basis for Mr. Obama’s policies.