The same economists who’ve insisted on billions in bailout and stimulus monies now say the country’s debt is unsustainable.
The same president who ballooned Bush’s bailouts, authorized astronomical outlays, deepened the socialization of the economy, and now carps about the need for more of the same—trillions in healthcare expenditure and crippling cap-and-trade costs—the same sod complains that the debt “keeps me awake at night.”
The same Counterfeiter-in-Chief, Ben Bernanke, who turned his snout up when Rep. Ron Paul questioned his sanity and the source of his authority, is now lecturing the numskulls in Congress that “Unless we demonstrate a strong commitment to fiscal sustainability in the longer term, we will have neither financial stability nor healthy economic growth.”
Only a few weeks back all these government gurus, and the pundits in their peanut gallery, insisted that digging America out of the financial grave is a long-term goal. For the short term, it’s stimulus time, baby. “Show me the fake money, shower me with cheap credit; and send me sailing on a ship of fools.”
Amidst reports that, at $11.5 trillion, “the overall debt is now slightly over 80% of the annual output of the entire U.S. economy, as measured by the gross domestic product,” that “this year’s deficit is now estimated at about $1.85 trillion,” that the nation’s full (unfunded) obligations stand at around $60 trillion, and that each one of us has been saddled with roughly $184,000 of state debt—Paul Krugmanites and their acolytes now tell us that, “We are on an utterly unsustainable fiscal course.”
Of course, we on BAB, and all fellow adherents of the Austrian school of economics, have been sounding the alarm for years and with the following caveat: we have only ever advocated allowing the economy to contract and purge the malinvestment poisons.
Do I need to remind you that the aforementioned criminals have refused to concede that a contraction was a good and necessary thing; that the same creeps are in the habit of pathologizing an economic downturn by using terms such as “deflation,” and calling for government to step in and pick up the slack by spending—measures that have resulted in what is a depression by any other name.
That’s called Voodoo economics (also Keynesianism.)
Throw these bums out, and that includes the “Republikeynesians”.