This is supposed to ne heartening, and it’s true we were in a deeper hole back when. New Dealers ran the country (into the ground) for 50 years prior to the Reagan “revolution.” Somehow, though, it makes me all the sadder. Just think, we claw our way out of the Old Liberal Order, win record landslides in national elections, free market economists actually win Nobel prizes of all things, the American people get to hear of such a thing as conservatism let alone take it seriously, and so forth. Where does it lead us? To thus. Here and now, and this is all we have to show for it.
What’s the point?
Here’s the thing: the current state of fiscal affairs in the US is unsustainable. If we were funding the deficit through conventional means, the US Government probably would have gone bankrupt in 2008 or 2009. Instead, the Federal Reserve is funding the deficit with $$ created out of thin air. I am convinced there is no Plan B here, because that would involve sacrifice on someone’s part and out current generation of politicians is too cowardly to risk that.
It may take a while, but eventually this will blow up in everyone’s face. When that happens, there will be a great financial reset and a lot of pain & mayhem. It may make the Great Depression look tame. However, it will be obvious to everyone that the System has failed—that will be the next opportunity for political transformation.
Unfortunately, in the lead up to that, people will demand MORE Government help & intervention as the current System becomes increasingly unstable.