We know now there is no shelf life to “Bush Did It”. If unemployment hits 12% two years from now we will be told we are lucky to have Obama saving us from the 20% rate that would have otherwise followed from the Bush legacy. It will be as if in 2006 Bush was still blaming Clinton for eight years of appeasement that led to 9/11. It will never cease; we accept that now. In 1944, FDR was still running on the Hoover depression of 1929. So it shall be again.
The Pentagon report on the Fort Hood shooter runs 86 pages with not a single mention of Hasan’s Islamism. It contains such politically correct inanities as “religious fundamentalism alone is not a risk factor.”
Of course it is. Indeed, Islamist fundamentalism is not only a risk factor. It is the risk factor, the common denominator linking all the great terror attacks of this century — from 9/11 to Mumbai, from Fort Hood to Times Square, from London to Madrid to Bali. The attackers were of various national origin, occupation, age, social class, native tongue, and race. The one thing that united them was the jihadist vision in whose name they acted.
Michael Steele is a self-aggrandizing, gaffe-prone incompetent who would have been fired a long time ago were he not black. Of course the irony is he never would have been voted in as chairman of the Republican party were he not black.
A leader is perhaps most impressive when he changes minds. NJ Governor Chris Christie may be the nation’s most prominent spokesman for an increasingly potent idea — that public-sector unions are ripping us off.
One of the world’s oldest stories is playing out before our eyes: The Jews are being scapegoated again.
Two overarching reasons explain the failure of Obamanomics. First, administration economists and their outside supporters neglected the longer-term costs and consequences of their actions. Second, the administration and Congress have through their deeds and words heightened uncertainty about the economic future. High uncertainty is the enemy of investment and growth.
Even when the state tries to steer only part of the economy in the name of the “public good,” the power of the state corrupts those who wield that power. Hayek pointed out that powerful bureaucracies don’t attract angels—they attract people who enjoy running the lives of others. They tend to take care of their friends before taking care of others. And they find increasing that power attractive.
To change our fate, the best possible solution is real reform that improves incentives and inspires confidence—worlds different from today’s sterile debate about whether a conspicuous short-term deficit encourages or inhibits recovery. Fed Governor Kevin Warsh put it nicely in a speech in Atlanta this week, when he cited veteran Washington economist Charles Schulze to the effect that “it is not the wolf at the door but the termites in the walls that require attention.” Tackle the termites and jobs and growth will return.