Tuesday, January 29, 2008

Under a Republican Administration

Have you noticed that Classical and Austrian economists seem almost giddy about the potential collapse of the US economy? If you read too much of this stuff you almost can't help but be negative about the prospects for the US. Here's another one at Mises.org by Christopher Westley:

So it has come to this. Years of spending, inflating, taxing, and redistributing has left the US economy teetering on a recession that our best and brightest — meaning the ones who created this mess — claim requires a multibillion-dollar economic-relief package to quell fears, promote confidence, and spur recovery.

And, one might add, to keep things calm past election time, which is the real purpose of this bipartisan proposal.

Then he produces this amazing chart showing some random statistics from 2000-2007. Here are a few:

US Population +7.18%
Tax Revenues +25.4%
National Debt +58.9%
Money Supply +72.6%
Military Spending +49.2%
Gold Price +206%
Gas Price +118.8%

If this is what we get when we elect Republicans who claim to be fiscal conservatives, what will we get if we elect Democrats? I'm beginning to think we should put the Democrats in charge for a while. If they do what they say they will, the economy will finally reach that day of reckoning the Austrian economics adherents keep predicting. Maybe that's what we need to finally end this cycle of debt that has been growing almost since the day the Federal Reserve was created.

The rest of the article is similar to other articles I've linked to discussing the Keynesian nature of the stimulus package. It's well written. Read the whole thing.

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