The end of the age of austerity even before it began


The US is heading the way of Detroit. Is there really no stopping this pillage. The headline is just as mad as the text of the story: With 2015 budget request, Obama will call for an end to era of austerity.

President Obama’s forthcoming budget request will seek tens of billions of dollars in fresh spending for domestic priorities while abandoning a compromise proposal to tame the national debt in part by trimming Social Security benefits.

With the 2015 budget request, Obama will call for an end to the era of austerity that has dogged much of his presidency and to his efforts to find common ground with Republicans. Instead, the president will focus on pumping new cash into job training, early-childhood education and other programs aimed at bolstering the middle class, providing Democrats with a policy blueprint heading into the midterm elections.

Does anyone in the United States think that public spending has actually been restrained? Do they actually also think that more spending will give them faster growth and higher employment? And the policy blueprint is a series of unproductive, wasteful projects that will waste more value than it creates. Early childhood education is just so value adding, in about twenty years when these children finally start to work and are so much more productive because of their early start on the education treadmill.

By the time of the next election, there will be a much reduced USA for others to salvage. It’s clearly a train wreck that no one can stop.

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