Everyday Brings a New Bad IdeaSadly, I can't entirely share Ms. de Rugy's optimism here, much as — believe it or not — I would like to. The American people may not believe it has worked, but they're not yet convinced it couldn't, and I dare say that's true even of most in that 42%. If 42% of the electorate believed that Keynesian economics was inherently impractical — not to say immoral — there would be a peaceful revolution that would cast all but a sliver of the Federal Government out of work.
[by Veronique de Rugy at NRO]
And sometimes it even brings several terrible ones. Today is one of these days.
First, the Democrats are once again talking about a second stimulus, except this time they won't call it a stimulus (because the first one gave the word stimulus a bad name) but a "jobs legislation." I doubt it would make any difference to remind them that government spending can't create jobs; that with government spending comes waste, fraud, and abuse; and that most of the money from the first stimulus still hasn't been spent.
Also, the Democrats want to use $200 billion of unused Troubled Asset Relief Program (TARP) funds, not to reduce the deficit, but to spend on job creation. Interestingly, because the brilliant lawmakers behind the idea don't read newspapers, and haven't kept up with the broken promises made by the administration in February about how the $789 billion would create 3.5 million jobs, they are claiming that this move would create 6 million jobs.
House Democratic Caucus Chair John Larson (D-Conn.) said momentum is building among his party to take unused Troubled Asset Relief Program money and put it toward job creation, and Majority Leader Steny Hoyer (D-Md.) said he’s trying to figure out a way to get a jobs bill on the House calendar before the chamber adjourns in mid December. The Larson bill, called the Transparent Markets Act, could create six million jobs, Larson said.
The silver lining: Americans understand that this administration and Congress have no clue what they are talking about. According to a CBS News Poll, "While the White House insists about a million jobs have been created by the stimulus package, Americans simply don't believe it. A mere 7% say the stimulus has already created jobs, 46% say jobs will be created eventually, 42% say it will never create jobs."
After all, nearly all of their vicious activity is related in one way or another to 'improving on' or 'compensating for' the alleged ill-effects of freedom and capitalism (which is the idea underlying Keynesianism). That threadbare excuse has been working since the Sherman Antitrust Act, long before Keynes ever published a word, and it's still working today.
When 42% of American adults believe that freedom is both moral and practical, the major problems we currently face — not just economic or political, but cultural and social — will have been long solved. Let's continue to strive for that golden day.