2 comments on “Obama’s Dream, Our Nightmare; A new budget, more spending, and a heap of debt

  1. I have seen a lot of comments on other blogs including Allahpundit at Hot Air, and I am aghast at how many people are extremely ignorant about economics. I cannot boast about my own modest degree in economics because I got it a long time ago. I am aghast at how people seem to think that higher taxes for people earning over $250,000 is justified in the present economic climate.

    I find that most are also ignorant with regards to the real Keynesian economics. If Keynes was alive today he would be rolling his eyes over what has taken place during the first month of the OBummer administration. He did recommend spending on public works during periods of high unemployment. It seems he did not advocate giving out unemployment cheques and getting nothing in return!!

    What I wrote out from Wikpedia (because I have no idea what I did with my copy of his book) is the following:

    “The total amount of saving in a society is defined by the total income and thus the economy could achieve a total increase of total saving even if interest rates were lowered to increase the expenditures for investment.”

    In other words the Keynesian and Friedman prescription for the current economic climate would be to include tax cuts. However, OBummer with his elite cronies are embarked upon a spending spree and “reforms” that will taking savings and investment out of the hands of the private sector. This is a huge and irresponsible mistake.

    What I have seen within the comments is “penis envy”. This is a term that I use to try and explain the form of the envy that I see in the comments from people who are both politically and economically ignorant. They are all about class warfare.

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