Monday, August 1, 2011

While Others are Partying...

While we watch the chattering class engage in cheerleading about the new debt deal, I suggest that you pay attention to the Fiscal Gap.


Here is the short Kotlikoff article that gives a brief overview on the fiscal gap, which is the genesis of the article linked to above.

Listening to these talking heads discuss tweaking the system, whether pledges are a good idea or not, etc. and I just can't help but think that when the crisis comes, the entire leadership cadre in the United States is going to be left jabbering nonsensically, if they can must the courage to speak by that time, while the entire system comes crashing down. This is the best we have?

The only honest part I heard came around 7:45 or so, when there was a discussion about soaking the rich - one of the chatterers at least honestly said, that while it wouldn't make much of a difference even if we confiscated all the wealth of the top 1%, he would feel better. Think about that when hard decisions have to be made...

2 comments:

David said...

Michael, did you note the endless use of the dirtiest political word in the English language: "We?"

What "we?" We're going to do this and we're going to do that...it's all sophistry.

There is no "we." That word oozes "central planning," and the two guests exhibited their Progressive colors across the board: they clearly believe that they, the educated Elite, are wise enough and knowledgeable enough to steer "society" from the center.

Hayek called this "the fatal conceit." He also referred to it as the PRETENSE of knowledge, recognizing as no Progressive can or will that the knowledge to steer an economy simply does not exist in collated form...EVER.

These clowns are truly fools. The wise know the limits of knowledge and eschew grand designs. Truly, we are ruled by scum at all times and all places.

Flagg707 said...

Yes, the "we" thing is grating. It is among the many tools used to encourage people to trap their thinking in boxes made for them by the people who think they are running the show.

Fatal Conceit indeed. This is not going to end well at all...