Sunday, June 21, 2009

You're doing a heckuva job Brownie!

so now Obama has borrowed so much, and more importantly convinced people that is going to borrow so much more, that the dollar is tanking. And all the time he complements himself for how much he is accomplished.  Remember the smug self inflating humor he showed been speaking at the occasion of the end of his first hundred days in office? He really seems to think that spending money by borrowing nominations good credit is some sort of accomplishment.

Of course, when all this becomes too greater problem to ignore, we will hear about how this is all the fault of the Bush administration. Conservatives need to be ready for this nonsense now with counterarguments. The stimulus demanded to keep the economy from falling into a tailspin during the credit crisis did indeed require heavy borrowing, but that only excuses spending that occurs during the crisis. The borrowing that Obama has done is dedicated mostly to spending in the future, some 5 to 6% of the stimulus has been spent at present. The rest of it can only be defended on the traditional democratic grounds of wanting to make this nation more like Sweden. The additional spending that Obama is doing, a good 95% of the so-called "stimulus" money, has no justification in terms of the financial crisis but can only be defended on policy grounds -- something his oneness has so far not deigned to do.

Of course, and despair saying as many times as possible, none of this justifies the takeover of GM. This is a grotesque transfer of wealth from the efficient to the inefficient.  Whether GM comes back or not be a grotesque failure. The capital was going into propping up these brain dead dinosaur companies could've been put into healthy companies. Instead of propping up politically connected companies in Michigan money could've flown to productive companies in Mississippi that build cars people don't have to be bribed to buy.

All of this brings up the greatest danger of Obamanomics: stagnation. The car factories that aren't built, the drugs that are not invented will never be missed. We will settle into Euro-decrepitude and not even notice.  The example of a dynamic economy and society that makes clear the cost of socialism euro-style that America gives to the world will be gone.

No comments: