$13 Trillion of Debt…Nothing to Show For It

Friday, August 27, 2010 \AM\.\Fri\.

Recently a Senator made the following statement:

“We have managed to acquire $13 trillion of debt on our balance sheet” and, “in my view we have nothing to show for it.”

What right wing Republican made that statement?  Well actually it was Democrat Senator Michael Bennet of Colorado.

Of course Bennet’s rhetoric is completely belied by his drunken sailor voting record when it comes to spending.  However his statement is still interesting for two reasons:

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Deliver Us From Blago

Friday, August 27, 2010 \AM\.\Fri\.

According to legend, the Vikings were so greatly feared by the people of northern Europe during the Dark Ages that they used to pray “From the fury of the Norsemen, Lord, deliver us!”

Of late, I suspect that many Illinois residents like myself are making a similar petition to be delivered from the fury of another force nearly as frightening.

I am speaking of former Illinois Gov. Rod Blagojevich, whose trial on 24 separate federal corruption charges ended on Aug. 17 with the jury finding him guilty of just one charge — lying to federal agents — and deadlocking on the other 23. Federal prosecutors will retry Blago on at least some of the unresolved charges, but in the meantime, he has once again resumed his nationwide media blitz, protesting his innocence to anyone who will listen and making a complete idiot of himself in the process.

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Government Monopolies v. Competition

Friday, August 27, 2010 \AM\.\Fri\.

Another fine econ 101 video from the Center for Freedom and Prosperity.   That government monopolies like the post office and public schools deliver inferior service at greatly inflated cost is as well established as any fact can be this side of Eternity.  The mystery to me is why we still keep making this fundamental mistake of assuming that a government monopoly is necessary rather than  looking into new measures to reach the goal sought.  The faith in government, especially on the political Left, is as charming in its naivety as it is irrational.

The last century was often a long sad failure to heed the warnings of Rudyard Kipling in his poem The Gods of the Copybook Headings.  I hope this century will not repeat this inability to learn some very simple lessons about the limits of  both government and wishful thinking.