Instead of the left agreeing to cut social spending and the right agreeing to cut military spending, the right agrees to more welfare and the left agrees to more warfare. How long will it be before foreigners stop buying our debt, and hyperinflation arrives?
Establishing any kind of military presence in the sovereign territory of Libya will require committing troops to engage in combat against the Libyan air force, as well as anti-aircraft systems. The administration has stated that nothing is off the table as they discuss US responses to the unrest. This sort of talk is alarming on so many levels. Does this mean a nuclear strike is on the table? Apparently so.
Many observers claim that the recent overthrow of governments in northern Africa and the Middle East will result in more liberty for individuals across those regions. I sincerely hope this proves to be true, but history is replete with revolutions that began as a cry for freedom against oppressive governments but ended badly.
The $99 billion figure merely represents the amount that HR 1 reduces spending from the President's proposed Fiscal Year 2011 budget -- not reductions in actual spending. Trying to claim credit for a reduction in spending based on cuts in proposed spending is like claiming someone is following a diet because he had only five slices of pizza when he intended to have 10 slices!
But none of these explanations can answer why this crisis occurred. Why was there excessive borrowing? Why was there an explosion of subprime lending? Why were there failures in corporate governance? Why did virtually no one except Austrian economists see this coming?
It should not be surprising that monetary policy is ineffective at creating actual jobs. It is the effects of monetary policy itself that cause the boom and bust of the business cycle that leads to swings in the unemployment rate.
I hope that Egyptians are able to work toward a more free and just society. Unfortunately, much of the blame for the unrest in Egypt and the resulting instability in the region rests with US foreign policy over the past several decades.
Unemployment continues to plague our economy. In spite of constant claims that we have just turned the corner into recovery, the jobs reports remain grim with no real signs of improvement. While Keynesian economists and big government apologists scratch their heads about persistent unemployment in spite of unprecedented government "investment" in the economy, free market economists understand the problem perfectly well.
Citing the particular clause of the Constitution that authorizes newly introduced legislation is a reasonable suggestion, yet in reality it will do little to restrain unconstitutional growth of the federal government. We have had such rules in the past and no benefit came of it.
Most disturbing are the calls to use government power to censor certain forms of speech, and even outlaw certain types of criticism of public officials. This was the completely apolitical act of a violent and disturbed man. How sad that the attempted murder of the Congresswoman who had just read the First Amendment on the House floor would be used in efforts to chill free speech!
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