All The Federal Spending In The World Can’t Put Humpty Dumpty Back Together Again
Daniel Hannan, a member of British Parliament, has a great perspective on what exactly America is in the midst of, or rather a mistake it is repeating. It is based on the Massachusetts Senate Race.
The Republicans must prevent America repeating the mistakes of the 1930s
Unbelievably, the Republicans are in contention for Ted Kennedy’s Senate seat(hat-tip, Dan Hamilton). Scott Brown, an amiable state senator, has closed a 30 point deficit and is within striking distance of the Massachussetts Attorney General, Martha Coakley. Alright, the odds are still on a Democrat victory. Even so, the closeness of the polls, in a state which Obama took with 62 per cent just over a year ago is extraordinary. I can’t think what the British equivalent would be; the Tories winning Bolsover, perhaps.
Although I couldn’t muster any enthusiasm for John McCain in 2008, I strongly supported Republican House and Senate candidates. Indeed, one of the GOP’s mistakes, in retrospect, was to throw everything into the presidential contest. Republican attacks on Barack Obama might have served very slightly to reduce the margin of his victory, but the party paid a terrible price in Congress.
Read the rest.
A very key point for those who think that all the government spending underway and in the works will put humpty dumpty back together again.
In 2004, two economists at the UCLA, Harold L Cole and Lee A Ohanian, conducted a major study which concluded that the New Deal had in fact prolonged the recession by seven years.
According to Professor Cole:
“President Roosevelt believed that excessive competition was responsible for the Depression by reducing prices and wages, and by extension reducing employment and demand for goods and services. So he came up with a recovery package that would be unimaginable today, allowing businesses in every industry to collude without the threat of antitrust prosecution and workers to demand salaries about 25 percent above where they ought to have been, given market forces. The economy was poised for a beautiful recovery, but that recovery was stalled by these misguided policies.”
I’m sure you can see where this is leading. The last thing America needs is to prolong this recession, too, by a misguided policy of increased regulation and state spending. And the way to prevent that error is to elect a Republican majority to the legislature.
Obama and the Democrat Majority’s “Hope and Change” has been exposed for what it really is, economic chaos to provide for the implementation of a command and control Federal government.
This is the time for the Republican party to stand firm for conservative principles to regain the public’s trust and win their hearts and minds with the notion that less government equals more freedom and prosperity. Lord know our press in America isn’t going to do that.
