"It is quite clear after listening to Obama's talk tonight that he, and those who applauded him wildly, have no clue as to this fundamental point in political economy. Not once in all of his talk of what government would do did he ever even come close to acknowledging that what government spends on the one hand must be taken from the private spending stream on the other. In fact, at one point he touted his 'transparency' plan by saying that it would enable 'taxpayers to see how government money is being spent helping other taxpayers.' Maybe so, but he glosses over the fact that the money being spent came from those same taxpayers and would have been spent on other things, without the waste of the transfer, were it not for government's intervention. Robbing Peter to 'help' Paul only damages both in the process, and certainly stimulates no economic activity."
Wednesday, February 25, 2009
Seen & Unseen
I didn't watch the President's speech last night. I had to walk my dog. And, I haven't yet had time to read his speech, so I can't comment directly. But STEVE HORWITZ watched it, well he apparently watched as long as he could take it: