Joe Huffman, from "The View from North Central Idaho" says it much more succintly than I have been able to. The Whole post is here: http://blog.joehuffman.org/
Suppose my family was deeply in debt, income was trending down, and some members of my family were unemployed. Would it improve matters if we borrowed a bunch of money and spent it on things like painting the house, new clothes, and a new car?
I don't think so.
Suppose it was my little North Central Idaho town of 20K people that was deeply in debt, income was trending down, and unemployment was trending up. Would it improve matters if the town borrowed a bunch of money and spent it on random stuff?
I don't think so.
Repeat at the large city level.
Repeat at the county level.
Repeat at the state level (California for example).
Is it going to make things better in any of those cases?
If not, then why would it make sense to do it at the national level?
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