This morning I read with interest – and amazement – the above headline. Does our president live in the same world that I inhabit? He’s worried about America’s increasing indebtedness and is pushing for a massive expansion of health entitlements (aka wealth redistribution programs) and the cap-and-tax global warming initiatives (aka wealth redistribution programs) and a host of other other wealth-destroying regulatory programs. Yet, he’s worried about America’s growing debt?
Our political system is only now perhaps emerging from a foolish policy of lowering credit standards to encourage universal home ownership. We’re now about to lower credit standards for health and energy investments. In effect, the problems of subprime mortgages are now being universalized. But, as in the subprime case, we’re assured that these moves will actually lower the national debt! Does reality have any relevancy?