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Signs of the Times

Sandokan

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Signs of the Times
Townhall - Signs of the Times

Thomas Sowell

If you could spend vast amounts of other people's money just by saying a few magic words, wouldn't you be tempted to do it? Barack Obama has spent hundreds of billions of dollars of the taxpayers' money just by using the magic words "stimulus" and "jobs."

It doesn't matter politically that the stimulus is not actually stimulating and that the unemployment rate remains up near double-digit levels, despite all the spending and all the rhetoric about jobs. And of course nothing negative will ever matter to those who are part of the Obama cult, including many in the media.

But, for the rest of us, there is a lot to think about in the economic disaster that we are in.

Not only has all the runaway spending and rapid escalation of the deficit to record levels failed to make any real headway in reducing unemployment, all this money pumped into the economy has also failed to produce inflation. The latter is a good thing in itself but its implications are sobering.

How can you pour trillions of dollars into the economy and not even see the price level go up significantly? Economists have long known that it is not just the amount of money, but also the speed with which it circulates, that affects the price level.

Last year the Wall Street Journal reported that the velocity of circulation of money in the American economy has plummeted to its lowest level in half a century. Money that people don't spend does not cause inflation. It also does not stimulate the economy.
Who are part of the Administration? Beside the politicians, career government employees which most of them don't know how business works and who haven’t started a business. They look at business as an evil of the Capitalist system. They believe that heir profit shall be taken away and used for the common good.
 

Grim17

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Thomas Sowell is one of my favorites. The man knows his stuff.
 

Ockham

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He's fighting an uphill battle against a MSM that cow-tows to this administrations far left progressive whim and parrots the talking points every day. The only thing that can save us is common sense and too many have too little of that.
 

Sandokan

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A great part of the money spent by the government has been in bailing out bad loans and still is doing it. The economy is under a climate of skepticism. People don’t know what schemes are being cooked by the Administration. Under these conditions business will not initiate any new investments in a near future, delaying the path to recovery.
 

Sandokan

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The real problem is the people who think it is the government prerogative to solve their problems. The primary function of the government is to govern. The people should be capable to manage their own lives. When the government starts to manage our lives, we can kiss goodbye to our freedoms.
 

Sandokan

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Most of the money the administration has spent has gone to the states or been spent on unemployment benefits. Most of it has been used to pay bills, not going into circulation. This money has gone to companies that are holding into it because of the administration unclear business policies and the climate of uncertainty those policies creates.
 

Sandokan

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Like Goebbels progressives are very skilful at repeating a lie over and over until it's accepted as a truth. The reality is that Social Security and Medicare are in fact insurance policies paid into by working Americans and their employers. Progressives label them as entitlements, government program that guarantees and provides benefits to a particular group. If they succeed with this incorrect label, those programs will be the firsts to be cut. We need to get serious to put the country back on a path to balanced budgets, and foster long term fiscal health.
 

Sandokan

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Under George W. Bush administration with a Republican controlled Congress, the larger deficit was about $200 Billion. Under Obama's administration with a Democrat controlled Congress, the budget for the fiscal year was $1.6 Trillion. The problem now, is that Obama, who knows no limits to spending other people's money on programs that don't work, has a Democratic controlled Congress who, for the most part, agrees that the ends justify the means. The end is Socialism, the means is collapsing of the economy.

George W. Bush supported TARP, and so did both presidential candidates. This money was all paid back until our president with Congressional approval, allowed him to use it as a slush fund. TARP was overwhelmingly approved by Democrats.
 
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