Jim Owens on economic policy

Today President Obama gave an update on the progress of his economic plan to the White House Business Council, chaired by Caterpillar CEO and NC State alum Jim Owens (Ph.D., economics, 1973).  Owens gave the President some unsolicited economic advice in a WSJ op-ed yesterday.  He made the following suggestions:

• Adopt transparent accounting in government (e.g., do not assume state retirement plans will get 8% returns)
• Simplify the tax code and reduce corporate tax rates
• Spend more on infrastructure (you have to say this if you are Cat's CEO)
• Promote free trade agreements
• Control health costs
• Reform immigration laws to allow those obtaining graduate degrees in the US to work here
• Keep the Federal Reserve independent

Nothing radical and mostly sensible.   The President talked mostly about improving K-12 education through Race to the Top, health care reform, and financial regulation.