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Once again the economic media darlings weigh in. Paul Krugman deserves his lefty description. This is a man who would be a natural for NASCAR; circular motion always moving to the left. And like NASCAR races, each lap is a repeat.

In a column of his last week, Fiscal Scare Tactics, Krugman makes his case with something as appealing to liberals as bashing Bush. That is, bashing Bush. When they’re not bashing Bush they’re bashing Bush or something about Bush.

So why the sudden ubiquity of deficit scare stories? It isn’t being driven by any actual news. It has been obvious for at least a year that the U.S. government would face an extended period of large deficits, and projections of those deficits haven’t changed much since last summer. Yet the drumbeat of dire fiscal warnings has grown vastly louder.

To me — and I’m not alone in this — the sudden outbreak of deficit hysteria brings back memories of the groupthink that took hold during the run-up to the Iraq war. Now, as then, dubious allegations, not backed by hard evidence, are being reported as if they have been established beyond a shadow of a doubt. Now, as then, much of the political and media establishments have bought into the notion that we must take drastic action quickly, even though there hasn’t been any new information to justify this sudden urgency. Now, as then, those who challenge the prevailing narrative, no matter how strong their case and no matter how solid their background, are being marginalized.

‘…even though there hasn’t been any new information to justify this sudden urgency’ is exactly the point, Mr. Krugman. For all the disdain elites and political power brokers have for ordinary citizens my fellow ‘commoners’ and I do understand clearly at least one element of this topic.

The following are some things that increase and rarely, if ever, decrease.

-The US national debt
-The US budget deficit
-Taxes
-the size of government
-the pay for those in government including elected representatives
-entitlements
-those receiving entitlements
-legislation that spends taxpayer dollars
-the amount of money borrowed by the government
And did I mention taxes?

Mr Krugman: Continuing to spend money we don’t have is a bad idea. And yes, it is an idea that is not new. That’s the problem. Not like their should be a learning curve on this issue. Spending what you don’t have is what caused much of our current problems. And the agenda(s) being pushed in DC are tantamount to the Madoff ponzi scheme.

Obama-speak, et al (translation): We are taking more of your money (tax dollars) to spend on things we want that will benefit you in the long run.

Like I said, a ponzi scheme to rival Madoff. And where is he currently residing?

And from another media darling comes the following:

This being a democracy, don’t the Democrats see that clinging to this agenda will march them over a cliff? Don’t they understand Massachusetts?

Well, they understand it through a prism of two cherished axioms: (1) The people are stupid and (2) Republicans are bad. Result? The dim, led by the malicious, vote incorrectly.

Liberal expressions of disdain for the intelligence and emotional maturity of the electorate have been, post-Massachusetts, remarkably unguarded. New York Times columnist Charles Blow chided Obama for not understanding the necessity of speaking “in the plain words of plain folks,” because the people are “suspicious of complexity.” Counseled Blow: “The next time he gives a speech, someone should tap him on the ankle and say, ‘Mr. President, we’re down here.’ “

A Time magazine blogger was even more blunt about the ankle-dwelling mob, explaining that we are “a nation of dodos” that is “too dumb to thrive.”

The key ‘economic’ word here being ‘agenda.’ And the attitude of those now governing toward those being governed is as much a part of an economic discussion as anything else. Since it is the dollars of those governed that those now governing plan tu use for their agenda. And the problem is, to pay for it, requires borrowing into the next millennium and continuing to pay for it long after that.

This is why liberals bashing the Tea Party citizens is an idea as bankrupt as their agenda. There is a piece at the Boston Herald from a ‘fellow’ at the Heritage Foundation that should make Mr Krugman cringe.

If spending jumps $12,000 per household, taxes must eventually rise. The president would make a large down payment on that with a $2 trillion tax hike on all Americans. Yet that would still leave the government running up $8.5 trillion in deficits over the decade, setting the stage for even larger and more damaging broad-based tax hikes later.

Ominously, economists close to the White House suggest that a value-added tax of 15 percent and 20 percent is eventually possible to finance Obama’s agenda.

By doubling the national debt over pre-recession levels, he’d push America toward a tipping point - where rising debt levels will become too large for global capital markets to absorb. This could trigger a financial crisis, an interest-rate spike and tax hikes.

And it still comes down to that nothing new concept Mr Krugman alluded to in his column. We cannot continue to spend what we don’t have. Everyone can understand that.

And to couple another item with Mr Krauthammers’ commentary comes the following brief item Charles Hurt at the NY Post. In a small amount of space Mr Hurt condenses the sanity of tea party nation those plain words for plain folks like us, down here, near the voting booth.

These people have come from all across the nation for the first National Tea Party Convention to denounce not just President Obama and the Democrats, but Republicans and all of Washington for getting infected with the same voracious and parasitic plague spawned by big-government liberalism.

Read the rest, it won’t take long and anyone can understand it. Even those lowly voters who have the audacity to raise a loud voice in opposition to leaders with a hearing problem.

Stanford Matthews
MoreWhat.com

This entry was posted on Monday, February 8th, 2010 at 12:00 am and is filed under Public Affairs, Money Matters, Bush, wordpress, Politics, election, GOP, Democrats, conservative, liberal, News Media, disclosure, ethics, Opinion. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.