The “stimulus” claim is based on something called the Keynesian “multiplier,” which is that each $1 of spending the government “injects” into the economy yields 1.5 times that in greater output. There’s little evidence to support this theory, but you have to admire its beauty because it assumes the government can create wealth out of thin air. If it were true, the government should spend $10 trillion and we’d all live in paradise. (From the Wall Street Journal 1-26-09)
Of course, politicians ARE in paradise these days. They enjoy full support from the bulk of the public to “do something different … anything.” So what if the different is impossible? So what if the different will bankrupt the nation forever and likely drive inflation to inconceivable levels–not to mention devalue the dollar? So what if the politicians grow government to a point where the great majority of people depend upon the coercion of wealth transfers from the few–and hated–very rich, upon whose dwindling fortune the entire world depends? So what if freedom is forgotten, individual rights ignored and government’s “right” and need to do whatever it takes to hold on to power is the first and only priority?
This is no economic stimulus. It’s a wealth transfer, the biggest one in human history. America is the first wealthy nation ever to adopt socialism on this scale. You see, America actually has something to socialize. Traditionally, poor countries turned to socialism because the masses were ignorant, there was no middle or upper income sector, people were desperate and what was there to lose, after all? America has much to lose. America has everything to lose. Barney Frank and Nancy Pelosi are ill-equipped to legislate into existence an economy that took centuries for entrepreneurs and innovators to build.
Like 9/11, I shouldn’t be surprised, but I still cannot believe what I’m witnessing. An economic downturn–fueled partially if not totally by reckless government policies of intervention in the economy–has provided THE excuse for doing what had previously been impossible: Nationalizing entire industries in one fell swoop–banking, automobiles, health care, who knows what else–and turning the richest nation in history into socialist “utopia.”