Public judging of a law (Obamacare is just one example) as a failure invariably leads thoughtful people to dig deeper, wondering, for example if other laws have escaped the public scrutiny they deserved, and introduces an element of doubt about the sincerity of the players in the regime and even the legitimacy of the regime itself. Having lost their health insurance as a result of Obamacare, a hitherto Obamacare supporter might entertain the unthinkable: ”If I was lied to about being able to keep this policy I liked, what else have they lied to me about?” Most people in this spot initially direct their frustration at individuals rather than focus on the system itself, mistakenly believing that a different political course of action is all that is needed.
Much more important is the non-political form of defiance, for this represents the “lack of consent of the governed,” that brand of defiance that even the cruelest of tyrants have found difficult to crush. Ignoring, ridiculing or laughing at the awkward cruelty and corruption of tyrants and their cronies have historically been more effective in deterring political bullies than even the best results of “mid-term” elections, in my opinion.
For every bit of scandal and pork that gets publicized, you can be confident that there are hundreds of equally sordid deals that haven’t been exposed.
For all intents and purposes, big government in Washington has created a niche market for insiders who learn the specialized skill of transferring money from those who earned it to those with political pull.
But government is forever. The state has the unique ability to protect existing “stakeholders” from the threats posed by innovation and competition, whether those stakeholders are businesses or unions, fat cats or philanthropies. That’s where the votes are and where the checks comes from.
But progress — material, medical, economic — comes from innovation. Economist Deirdre McCloskey notes that until the 19th century, innovation was a negative word because innovators upset the established order and the powers that be.
In her wonderful book “Bourgeois Dignity: Why Economics Can’t Explain the Modern World,” McCloskey describes how for all of human history, humans lived on about $3 a day, using today’s dollars. For 200,000 years, the line was essentially flat until around 1800, when a culture that valued innovation spread from England to Europe and the New World. Since then, wealth has skyrocketed, all thanks to a culture willing to let innovators pull up the stakes of the existing stakeholders.
In Silicon Valley, where government’s touch is light, we can see the rapidity of innovation at work. In health care, education and other areas where the government’s hand is heavy, we see stakeholders holding on for dear life.
The power to reverse the deterioration of our nation is within the hands of “we the people.” We must realize that our countrymen are not our enemies, and we must understand that we cannot rely on those in the media and in politics to tell us the truth. We need to go beyond them and rely on ourselves to craft a truly free America that works for all of us. This means we must become informed voters and use our votes effectively to choose the kind of leadership that represents the will of the people.
Monetarists act on the theory falling prices are a bad idea
The Fed prints money and holds rates too low
Housing bubble builds
Medical and education prices soar
Student loans soar to “help” the students
Because housing is not affordable numerous affordable housing programs appear causing still more unwarranted housing demand. Few see the bubble because housing is not in the CPI
The affordable housing advocates are abhorred by falling prices
Fed bails out banks and steps in to support housing prices
Income inequality soars
Students remain stuck with debt
Because of one idiotic notion, that “falling prices are a bad thing”, the Fed has generally managed to keep the CPI rising, with some things going up much faster than others.
In response to uneven price inflation, we have seen numerous “affordable housing” programs, massive student aid programs, bank bailouts at taxpayer expense, Obamacare to make medical insurance affordable, cash for clunkers, Abenomics in Japan, and countless other economic idiocies.
People propose bad idea after bad idea simply to fix problems caused by the previous bad idea. This is corollary six to the Law of Bad Ideas.
Law of Bad Ideas Corollary Six: Bad ideas lead to more bad ideas to fix problems caused by previous bad ideas.
…how, pray tell, did the White House know what jobs and growth would have been in a hypothetical world with no stimulus? The simple answer is that they pulled numbers out of thin air based on economic models using Keynesian theory. …Keynesian economics is the perpetual motion machine of the left. They build models that assume government spending is good for the economy and they assume that there are zero costs when the government takes money from the private sector. That type of model then automatically generates predictions that bigger government will “stimulate’ growth and create jobs. The Keynesians are so confident in their approach that they’ll sometimes even admit that they don’t look at real world numbers. And that’s what the White House did in its estimate. The jobs number (or, to be more technical, the job-years number) is built into the model. It’s not a count of actual jobs.
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