The Limits of Monetary Policy: ‘Monetary Policy Responsibility Cannot Substitute for Government Irresponsibility’ | The Big Picture

The Limits of Monetary Policy: ‘Monetary Policy Responsibility Cannot Substitute for Government Irresponsibility’ | The Big Picture: "That reason has nothing to do with monetary policy. It has everything to do with the taxation and fiscal and regulatory policies of the states. The cost of capital does not explain the different economic performances of the states; the cost of doing business has everything to do with those differences. However well-meaning tax and regulatory initiatives in the laggard states may have been when they were conceived and levied, they have had unintended consequences that have led to economic underperformance and job destruction."