Rep. Ron Paul: Keynesianism Delivers a Decade of Zero
If you’re wondering about the title of this piece, it’s because a few days before the new year, when Congressman Ron Paul said that Al Qaeda terrorists are targeting the United States of America because we are “occupiers,” I titled another piece On This, Ron Paul is Wrong.
This time around, however, getting back to his wheelhouse–the economy and government run amok–Dr. Paul is once again right on the mark. Read the entire thing for yourself. In the meantime, here’s a snippet:
Policy makers would have been wise to heed the warnings of the Austrian economists, and must start listening to their teachings if they want solid progress in the future. If not, the necessary correction is going to take a very long time.
The Austrian free-market economists use common sense principles. You cannot spend your way out of a recession. You cannot regulate the economy into oblivion and expect it to function. You cannot tax people and businesses to the point of near slavery and expect them to keep producing. You cannot create an abundance of money out of thin air without making all that paper worthless. The government cannot make up for rising unemployment by just hiring all the out of work people to be bureaucrats or send them unemployment checks forever. You cannot live beyond your means indefinitely. The economy must actually produce something others are willing to buy. Government growth is the opposite of all these things.
Bureaucrats are loathe to face these unpleasant, but obvious realities. It is much more appealing to wave their magic wand of regulation and public spending and divert blame elsewhere. It is time to be honest about our problems.