The same economic Iron Fist crushing Europe is crushing the citizens of this country. You cannot grow an economy by taxing the productive private sector and redistributing it to the non-productive public sector. You cannot “stimulate” an economy by flooding it with more paper. You cannot “stimulate” an economy by adding a few more zeros into a computer behind the account balances of this country’s commercial banks. Aggregate demand does not magically create supply. Production is the key to economic growth. Production and investment. How do you stimulate production? Quite simply. Remove the obstacles in its way. How do you stimulate investment? Remove the disincentives to saving – you stop artificially depressing the interest rates.
Both of your presidential candidates believe that the only thing standing in the way of economic recovery is consumer spending. What they’re saying is that it doesn’t whether or not the employees of a particular industry produce or not, so long as they spend the entirety of their paycheck. Nonsensical isn’t it? Only an Ivy League graduate could jump through enough mental hoops to ignore the unsoundness of this argument.
But they will continue to ignore the obvious failures of their defunct philosophy. They will continue to ignore the very visible and very brutal results of their philosophy. Yes, they will continue to ignore everything because to admit the failure of their economic philosophy would be to admit the failure of their political philosophy – the philosophy of power. How unfortunate for the people of this country and this planet that those with the political power rarely suffer the failures of its exercise.