Professor Elam

Steve Wynn was part of a panel on Fox news this past weekend along with the Governors of Michigan and Indiana and an ecomomist. The link I found to the interview happens to be to the Rush Limbaugh site, but the point is, read what Steve has to say. This is the Steve Wynn that built and sold casinos in Vegas so he could build Wynns there and in Macao. His is a billionaire who has never laid off an employee, yet. He states that if congress passes all the tax legislation they are considering layoffs will happen. He makes the point that tax policy is the strongest element of change but that the government is raising rather than lowering taxes. 

Granholm of Michigan was flummoxed at his comments as she begged for ever more unemployment benefits for Michigan. I have written about the New Civil War between the South that is attracting manufacturers and places in the North like Michigan that continue to lose jobs and population. 

The parallel to where we are now is the stagnation of the 1970s. After the market dropped 50% from 1972 to 74 the economy was over regulated and taxes were high high high. The result was an entire decade of stagnation, that is where we are now. We are now bouncing back from the low of last March, as we bounced from December 1974. Wynn's prescription for success is quite a bit different from what we are getting.