'Bama Knows Best

This last week it was reported that Vlad Putin said he will not prop up failing institutions in Russia with bailout money. Furthermore he plans to slash government spending. Over here in the free world 'Bama (who knows best) is trying to bully his latest bailout package through congress with the threat of total meltdown if we do not dutifully fall into line behind his plan. No discussion is allowed (we don't have time) we are supposed to just trust him and pass the largest spending bill in the history of the world. (Until the next one in 2010.) Why? Just because 'Bama knows best.

I have always been told not to criticize a man without a better plan of your own. OK, then, here it is:

Declare 2009 a personal income tax holiday. Slash federal spending back to 1995 spending levels that can be supported without benefit of personal income taxes.

We do have other options but our leaders refuse to consider any of them. The Keynesians rule in this administration - and, to some extent, all administrations back to Herbert Hoover. If an Austrian economist were asked to propose a scenario in which the U.S. would destroy itself economically, he or she would say "Ask a Keynesian for advice."