Monday, January 12, 2009
Spending our way to . . . well, you know
Here's the Register's editorial on Barack Obama's speech on economics and the need for an ever-increasing "stimulus" to get us out of the recession. Trouble is, not only must the money be borrowed from an increasingly reluctant China and eventually repaid, it will stoke inflation and direct money away from genuinely productive activities and into politically popular propjects or those with an especially effective interest group behind them. The oldest political trick in the book. So much for "change."