The Stimulus of Abominations

It is that these people of the state, their rhetoric, and their policies, are not directed toward creating a sound and real foundation for growth in real incomes. Their policies are based on extracting resources by force from the productive and using them to build a flimsy straw house that will collapse with the next wind. They offer nothing to encourage saving. In fact, they burden the saver and the productive. Since saving is the source of investment, they offer no fuel for entrepreneurial activity. Since entrepreneurs are the source of employment, they offer no support for jobs that can raise real incomes. Their policies attempt to and may succeed in locking in the ill-made investments of the past while adding new ones. They burden the American economy with vast increases in debt while making the economy lose competitiveness. They ensure that economic activity fails to supply the real needs of the American people. Like vendors of snake oil, they offer fake palliatives and nostrums while the real illness lingers and runs the patient down. Their policies will run down the stock of capital goods in the economy and leave Americans the poorer. We will be less able to maintain our business hallmarks of innovation, drive, responsiveness, and flexibility.

Back to the dreary news of the day and the Spending Spree bill in committee in Congress. Mike Rozeff calls it the Stimulus of Abominations. Call it what you will but don't call it sound economics. This is a good article to print out and keep for future reference.