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The President’s Stale Sermons – Victor Davis Hansen

08/13/2011

Congress just approved the highest debt ceiling in American history, allowing the government to carry over $16 trillion in national debt – prompting the credit-rating agency Standard & Poor’s to downgrade America’s multitrillion-dollar debt for the first time in 70 years.

Unemployment is still over 9 percent. Private-sector businesses may have more than $1 trillion in cash, but they will be scared into not hiring or buying as long as they fear a new tax, a new regulation, a new entitlement obligation, a new plant shutdown – or a new harangue.

The gross domestic product is almost static. Every classical Keynesian remedy – massive government borrowing and spending (“stimulus”), near-zero interest rates, public works, expanded federal entitlements – has been tried, failed and is turning a modest recovery into another recession.

Neither the example of the socialist European Union nor that of big-spending blue-state America suggests that massive government spending and entitlements lead to collective prosperity.

In response to this depressing news, President Barack Obama still offers the same predictably stale sermons: George W. Bush did it. The Tea Party fiscal reformers are to blame. Government will fund “millions of green jobs.” His political opponents want to destroy Social Security and Medicare.

Read More at RealClearPolitics.

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