Economy's Rescue Only Half Done - WSJ.com
It is interesting to read the last part of this article in which there is a discussion of a commission to address the deficit.
As in other WS Journal articles on this 'Commission', it's clear that its goal is to find cover to raise taxes - i.e. to permanently deliver to the government a bigger share of the nation's output of goods and services.
The article begins by reiterating how the mortgage market has effectively been nationalized in that taxpayer funds are directly subsidizing mortgage rates to keep them down.
When one adds up all these 'distortions' to a free economy - balancing out saving and investing, returns to capital and labor (highlighted by the UAW bailout vis-a-vis GM and the union favoring bills, which even found their way into the healthcare overhaul legislation), humongous borrowing demands of the government, which is basically trying to prop up the economy like an out-of-work (or part-time) worker who keeps up the appearance of a previous lifestyle by running up his credit cards, everything has a very uneasy feeling about it.
A, perhaps further along, parallel is the California governor asking for a federal bailout in lieu of addressing the state's overspending and overtaxing that every commenter clearly wrote about in their comments to yesterday's WSJ article.
If the Obama administration acts like the Democrats who've run California for all these years (and, where does Pelosi come from?), isn't it like the old rubric "if it quacks like a duck and looks like a duck, it must be a duck!". In other words, is there any reason to believe - unless a miracle happens both to the Republican Party's platform and the election results next November - that the country's heading down the California Road?
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