Jumping in Pools is proud to present its 103rd interview in our ongoing series. Today we are interviewing Bill Frezza, who is a partner with Adams Capital Management and is an economic expert. His columns have appeared at Fox Business and RealClearMarkets. One of his recent articles explains that by removing the corporate income tax the economy will grow by leaps and bounds, removing our unemployment problem. We appreciate the time he took to participate in this interview.
1. Do you expect that the economy will face another downturn next year when the Bush tax cuts expire?
Yes, of course. A country cannot tax and spend its way back to prosperity. If an attempt is made to do that our current jobless recovery will turn back into a jobless recession.
2. Has President Obama been better or worse for the economy than you had anticipated?
I expected the worst from a president with Barack Obama’s economic views. I did not realize his leadership skills were as bad as they have proven to be, turning over the legislative agenda to Harry Reid and Nancy Pelosi. On balance, then, Obama has been worse for the economy than I expected.
3. What is the best part about being a columnist?
It’s a great way to vent without boring my friends and dinner companions to death.
4. Do you foresee the federal budget deficit returning to manageable levels if the Democrats retain control of the White House and both Houses of Congress?
Not a chance. The best thing that can be said if the Democrats hold on to both houses is that there will be no one else to blame when Obama comes up for re-election, hence he will go the way of Jimmy Carter. The long term problem, however, is that when Republicans gain power they spend like Democrats.
5. Will California be able to solve its debt problems without having to declare bankruptcy?
I do not believe there is a legal mechanism for a state to “declare bankruptcy” and thereby seek protection from creditors. I do believe we are going to the California default on numerous financial obligations include bond payments, pension payouts, vendor payments, and state worker payrolls.
6. Any thoughts on running for office at some point?
If nominated I shall not run. If elected, I shall not serve. :)
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