The economist Paul Krugman in his op-ed on the New York Times argues that the last president who was a business person was Herbert Hoover, though, Krugman does point out--to a lesser extent--that former President George W. Bush was also a business person. What is more interesting is the economic downturn that both Hoover and Bush faced during their presidency. Just as compelling is that both presidents ended up rated as the worst presidents; so, although, Hoover and Bush were business people the economy ended badly for later presidents.
The highlight in Krugman's argument is that running an economy is different than running a business because in his words, "Making good economic policy isn’t at all like maximizing corporate profits." The reason for this is in another of Krugman's op-ed where he states that as a nation the United States owes money to itself, therefore, does not need to pay itself. In fact, Krugman points out that the U.S. hasn't finished paying itself money the country owes itself from World War II. The economist ends his op-ed with statement that embraces taxes because "Britain, in particular, has had debt exceeding 100 percent of G.D.P. for 81 of the last 170 years" and taxes helped offset the Brittish deficit.
The highlight in Krugman's argument is that running an economy is different than running a business because in his words, "Making good economic policy isn’t at all like maximizing corporate profits." The reason for this is in another of Krugman's op-ed where he states that as a nation the United States owes money to itself, therefore, does not need to pay itself. In fact, Krugman points out that the U.S. hasn't finished paying itself money the country owes itself from World War II. The economist ends his op-ed with statement that embraces taxes because "Britain, in particular, has had debt exceeding 100 percent of G.D.P. for 81 of the last 170 years" and taxes helped offset the Brittish deficit.
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