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The Senate has now passed another bill to provide $26 billion to protect jobs for teachers and other services. The reason this is deemed necessary is because the $700 billion + they spent last year that we were told would be the answer for the recession did not work. The economy continued to deteriorate on many fronts despite the massive spending, and now we are seeing it continue its path downward begin to accelerate as the stimulus funds run out. The real misfortune of this policy is it ignores the reality that without the pain that needs to be experienced from failure, there is no hope for recovery. Every parent has experienced trying in vain to teach their toddler not to touch something hot, only to have the child learn by the experience of being burned. Unfortunately it seems as if the human animal learns best by experiencing the pain of their wrong decisions. The same holds true in the world of economics. That is where we are making a huge mistake in the handling of this recession.
What many fail to recognize, is the need for pain. The efforts to reduce the suffering of crises are counterproductive. The crisis was caused by both the ignorance and disregard of the laws of economics. It is only by experiencing the pain of failure that those laws will be minded in the future. Attempts by government to alleviate the pain will not only fail due to the diminishing returns of deficit spending, but reinforcing the beliefs there is no pain in failing, and therefore no reason to understand and follow the rules of economics.
We have made some major mistakes in both our personal and in our public finances. We can now choose to face our mistakes and endure what is necessary to correct them, in which case the pain will be intense, but of much shorter duration, or we can choose the course taken by Japan and refuse to deal with the problem, prolonging the suffering for decades, and growing ever closer to the eventuality of sovereign default. If we choose the latter, we will sentence ourselves and future generations to a life where the American dream will be lost and replaced with a constant struggle for survival in a continually deteriorating economy.
1. The Iraqicide. Untold Billions or now even Trillions into that sink hole.
2. Afcrapistan. Same as the first verse.
3. Citibank, Bank of America and Chase. No loss there, either.
4. GM and Chrysler.
5. Lockheed, Boeing, Raytheon, General Dynamics and the rest of KillCorp DOD Military Industrial Complex.
6. Put your candidate, next.
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