The dwarf at the NY Times has been writing the same article for four years now: forget about deficits and let federal spending fly. Frank Fleming takes it all the way: "Why not just put the entire federal budget on credit?"
Think about it: We’re past $16 trillion in debt so far, and we’re just fine. We have a pretty good scheme going to keep up the level of government we want: We take big loans from our children and then die before paying them back. And we have no reason to stop.No reason and no willpower, so let's go whole-hog. Bernanke will keep pushing quantitative easing until the wheels grind to a halt and then we can invoke the Willie Sutton rule and go where the money is.
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F. Scott Fitzgerald wrote that the test of a first-rate intelligence is the ability to hold two opposed ideas in the mind at the same time and still retain the ability to function.
If that's true, then the "Fight the recession deficit with austerity!" + "Eek, we're turning into Europe!" crowd must be an army of Einsteins.
Honestly, what austerity?
Federal spending is way above historical levels, we're running regular trillion-dollar deficits, there is NO hope this president will address entitlement spending, and these cuts he never stops taking credit for exist only in the abstract future world.
It's true, U.S. austerity has been half-assed in some cases, and nonexistent in others.
You might also notice that our economy, though still tepid, is performing much better than those European nations where austerity has been applied with a heavier hand.
"We don't want to end up like them... so we need to copy what they're doing!"
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