What will it take to turn this economy around?
First of all, let me state for the record that I don't have a degree in economics from some prestigious Ivy League university. But I've been around long enough to observe and learn a few things in general.
First and foremost is we have to stop spending ourselves into oblivion. Taxing and spending and huge government programs have not worked in the past and are not working now.
We need tax cuts on personal income, corporate income taxes, and capital gains taxes. Why?
Because of simple economics: When business and people have an extra dollar in their pockets, human nature is to spend it. It may be for an individual going out for dinner or maybe investing more capital into being able to make a better widget, or hiring more employees to make more widgets.
President Reagan proved it when he took over the helm from the worst president that we've had in recent history (Jimmy Carter); he cut taxes. Tax revenue to the government increased. Employment grew by 21 million jobs!
Simple economics: When you have people working you have more taxes coming into the treasury (state and federal). Bush Senior knew enough to not screw with the economy and so did President Clinton until just before the end of his presidency when he and his liberal tax-and-spend ideology had to raise taxes.
So you ask yourself why have all the jobs gone to China? The answer is taxes and government regulation, and this administration wants to put more taxes and regulations on business. A prime example is by the EPA wanting to regulate carbon dioxide emissions. President Reagan said it best when he said, "The problem is not the government, the problem is the government."