Wednesday, May 16, 2012

Europe and the debt crisis

In case you didn't know, Sarkozy got voted out in France earlier this month and they elected a hardline socialist whose answer to France's economic crisis looks like Obama's wet dream.  He wants to rollback what little austerity there was, increase all government spending, and impose a 75% tax on the rich.

Yes folks, French voters want this guy to "fix" their economy.  With Socialism.  This is why history repeats itself, why the dreams of Communism are omnipresent, and why hundreds of millions of people continue to die for the dream that government can make everyone "equal"

It's insanity, but then put us in France's position.  I bet the American electorate would do the same thing.  They'd vote for the guy telling them everything was going to be OK, making them promises for free shit etc. etc.  The guy who was trying to tell the truth about the hard fiscal realities and implement the only rational measures possible in the face of crisis?  Oh, he'd be thrown out as a heretic.

It's not just France and Greece. Like Obama and our Liberals, the whole of the EU has been having a collective Keynesian orgasm of late, and Germany is the one left to clean up the messy discharge.  The Dutch have rejected austerity, running away from facts and fiscal realities.  Portugal rejected austerity measures last year.

The MSM here?  Oh, they keep telling us this is a revenue problem and harping on and on about how it's imperative we raise taxes on the rich.  First, they assume this will raise revenues, when we can look at almost 100 years of revenue as a percentage of GDP and see that it remains relatively flat no matter what the taxes on "the rich" or marginal tax rates in general look like.  Second, even if we did raise revenue, spending is the problem.  That's the elephant in the room that no one, especially liberals, want to talk about.  It's the spending, stupid!

No comments: