Dear Bob,Richard's full post is here.
I have a new piece on Northwood University's blog, "In Defense of Capitalism & Human Progress" today on "Debt Reduction Delusions and the Menace of Big Government."
I explain the smoke and mirrors of the Congressional and presidential deal to supposedly "cut" government spending to reduce the government's debt. The promised "cuts" in government spending merely represent a supposed decrease in the rate of increase in the government's accumulated debt over the next ten years. Nor do these claimed cuts "match" or balance the agreed-upon increase in the government's deficit spending ceiling.
This "solution" to the debt crisis, therefore, is no solution at all. The only real answer can be found in a dramatic change in the size and scope of government, and a break in the "iron triangle" of politicians, bureaucrats, and special interest groups who live of the productive efforts of those working in the private sector.
Wednesday, August 3, 2011
Debt Reduction Smoke and Mirrors
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Capitalism. I wish.
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