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06 October 2020

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Richard Ong

All we need to do is press down on the "economic accelerator." If only Trump had known about it our troubles would be over.

Richard Ong

@Babak makkinejad:

That's an excellent point. FDR's lunatic statism was imposed on a basically healthy economic system. The postwar recession evaporated in the face of government non-intervention and even the excesses later and Hoover's foolish interventions did not materially damage the underlying productive structure. Too, many more people lived on the farm.

The reality 90 years on is that debt is sky high and debt service is the monster under the bed who must not be provoked by higher interest rates. Low rates, however, have facilitated massive fiscal excess and monetary recklessness punishing savers, driving them into risk-on investments to find some return on savings and to try to stay ahead of or even with inflation. Cheap money has stimulated more marginal investment and massive deficits have meant investments driven by political considerations. Think stock buybacks (massive) and Solyndra. Women have been driven into the workforce just to pay the taxes (plus childcare) to which add the burden of massive student debt and higher taxes, esp. employment taxes. Plus soaring health care insurance costs and job theft, wage suppression, and welfare cost of massive third-world, illegal immigration and massive job loss from malevolent off-shoring. Plus massive regulation and "climate change" dishonesty.

We aren't in Kansas any more.

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