Stossel on Economic Stimulus

by Sal on January 10, 2009

in Economy,Politics

John Stossel is one of the few Drive-By Media personalities who is right-of-center on most issues.  His “Give Me A Break” segments on ABC’s 20/20, along with his hour-long specials, are always enjoyable to watch and a refreshing break from the normal left-wing garbage that the Drive-by Media spills on a daily basis.

While I don’t agree with everything Stossel says (he is more libertarian than Conservative), I do find him to be enjoyable and informative.  He has tackled issues such as the Global Warming hoax, how American Education is completely messed up, and how all of health care’s current problems are due to government meddling.

Over at the ABC News Website, Stossel has a column on how the Obama Economic Stimulus Plan is an attempt to remake the economy in his socialist image.  Obama himself has said as much:

Painful crisis also provides us with an opportunity to transform our economy to improve the lives of ordinary people.

Stossel gets to the heart of what a centrally-planned economy, the goal of Obama’s economic stimulus plan, and of Liberalism and Socialism in general, really means:

So, they will “transform our economy.” Obama’s nearly trillion-dollar plan will not merely repair bridges, fill potholes and fix up schools; it will also impose a utopianvision based on the belief that an economy is a thing to be planned from above. But this is an arrogant conceit. No one can possibly know enough to redesign something as complex as “an economy,” which really is people engaging in exchanges to achieve their goals. Planning it means planning them.

A centrally-planned economy is really all about control of individuals and removal of freedom.  Stossel goes on to compare the current situation to the 1930s New Deal, which prolonged the Great Depression by about 6 or 7 years.  He continues by pointing out the absurdity of some of the provisions in the Obama Economic Stimulus Plan, including a tax credit for green fuel alternatives:

Obama wants to act quickly. In the name of stimulating the economy, he plans to spend hundreds of billions of dollars the government does not have to convert the economy from carbon-based fuels to “green” alternatives. Even if that were a good idea — and it’s definitely not — it would not bring recovery. Any money the government spends must be taxed, borrowed or conjured out of thin air by the Federal Reserve, and that will reduce sound private investment.

He concludes by stating the obvious fact that Government getting out of the way is the best, most sure-fire way to fix the economic system.  The problem with the current system has been over-regulation and government meddling, not de-regulation as has been thrown out there by the media. The proposed Economic Stimulus plan will increase government intervention in the economy by redistribution, not by real growth-initiatives.

Obama has no real wealth to inject into the economy. He can only move around existing money while inflation robs us of purchasing power. Meanwhile, private investors who might have produced a better engine, battery, computer, cancer treatment or other wealth-creating and life-enhancing innovations, hold back for fear that big government will undermine productive efforts.

The way to a lasting recovery is to greatly lighten the burdens of government. Then free Americans will save and invest.

Grand interventionist reforms go in precisely the wrong direction.

Stossel is right.  The left’s plans under the so-called “leadership” of Zero will bring this economy even further down.  The Obama economic stimulus plan is exactly the wrong prescription for the current crisis, and while there may be a temporary boost as a result of his actions, the prosperity of the past will not re-ignite until government begins to get out of the way by way of reduced taxes at all levels, economic stimulus’ that target business, and reduced government regulation.  The economy will fix itself; it always does. Government can either hamper it with action, or get out of the way and give businesses the chance to be revitalized.  Unfortunately, the Democrats’ rhetoric and proposed plan points to the former.

H/T: DC Thornton

{ 1 comment… read it below or add one }

Ryan January 10, 2009 at 3:19 pm

Stossel’s point, “Planning it (the economy) means planning them,” is the fundamental problem of any top-down approach. As Mark Levin noted last night on his radio show: Alex de Tocqueville called this concept “soft tyranny,” when government (in the “benevolent” interest of all people) meddles into our lives so much that it controls from what we can hang from our rear view mirrors to whether or not we can plant a tree in our backyard to what food we choose to eat, etc. That too is a restriction of freedom — not a big government boot to the face kind of thing, rather our basic freedom of choice being slowly smothered by the big government pillow: ie, the “soft tyranny” of modern liberalism.


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