In times of economic turmoil, much of the American population looks to the federal government. But Dr. Thomas Woods, a libertarian author, thinks Americans need to begin solving national problems on their own.
At a lecture on campus Wednesday organized by the student organization Young Americans for Liberty, New York Times bestselling author Woods confronted what he considers myths about business cycles and the Great Depression that he said are thoughtlessly accepted.
Woods, author of ""Rollback: Repealing Big Government Before the Coming Fiscal Collapse,"" outlined these ""myths"" and discussed the increased spending on new homes by unemployed families because of the Federal Reserve System's forced decrease in interest rates.
""The economy as a whole is trying to do more than we can physically do, and ultimately the result is a crash,"" Woods said. ""The recession is not where the damage is done. The damage is done when we get on this unsustainable trajectory in the first place.""
Woods said Americans often have misconceptions about government intervention.
""Every one of these myths is based on the idea that unless we have some kind of group of commissars in charge of this or that, then everything's going to be chaotic and the free market couldn't possibly solve it,"" Woods said.
According to Woods, America's biggest problem is that the federal government made numerous promises for assistance programs that it cannot fund because of the large national debt, a problem the government cannot solve through taxes.
""The myth that we've been taught for the longest time is, ‘Everything somehow will work out,' but that's not going to be the case,"" he said.
Woods said the government has made many impossible promises and that it is not an innocent institution.
""Ultimately there is no magic power that's going to come rescue us,"" Woods said. ""There is no magic force called government ... It's just you and me.""
Woods said he still remains hopeful for the future of the economy and government relations that will define this generation's beliefs in years to come.
""Maybe there's a better way,"" Woods said."" Maybe there's a way where we put the guns down and treat each other humanely, and care for each other.
""Are we going to rise to the occasion when the promises are broken?""
