In his recent book, Fixing the Moral Deficit, Ron Sider argues that deficit spending by the federal government is one of the most important moral challenges that Americans have ever faced. I disagree with some of Sider’s proposed solutions, but he’s right. Every year, the federal government spends well over a trillion dollars more than it takes in. As a result, it has racked up seventeen trillion dollars in debt, most of it in the last decade. In seven years at current rates, the U.S. will need almost a fifth of the GDP from the rest of the world just to...
The "Keynesian economic theory", fittingly enough (considering the moral and spiritual bias of its creator) turns Biblical attitudes toward spending and prudent use of finances upside down, and advocates spending money one does not have, and tacking it on the national debt ledger to be re-paid by tomorrow's generations. The Keynesian economic theory completely removes any necessity for financial responsibility or planning, or husbanding of resources, and allows politicians to spend lavishly and without restraint, without planning or forethought or responsibility, and simply 'forwards' debt to the next generation. John Maynard Keynes, a son of the devil, bequeathed to this nation (and Britain, which is about to sink beneath the waves, (cont)
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