Jenkins: The Fannie and Freddie Hate Storm - WSJ.com
One could perhaps sum things up with the old adage about the "free lunch". Those who think there is one just hope they don't get hit with the backside or downside.
Likewise, the liberal agenda to equalize "outcomes" vs "opportunities" is another bane.
When you want equal outcomes, you believe there's a free lunch.
As noted, people soon feel they are entitled and government responds. Soon government takes too much from the economy to have growth or even sustainability. Borrowing (like a family living on credit cards) works for a while; but, eventually, the lenders figure there's no way they are going to be paid back.
The question before us is how this will all be handled?
Raising taxes on the rich, business and investors is appealing until you reach the "Laffer" moment when returns are less and less (think Illinois with its corporate tax increases or Europe in general).
Since the Laffer moment has certainly been reached in many parts of Europe (add in burdensome regulations as in the US), the question is open as to the next series of events? Printing money is highly in favor in many parts (few have likely visited Zimbabwe to see the downsides or are old enough to remember the German hyperinflation; and, of course, most want to ignore the 1970's in the US - just too long ago).
As for guilt - perhaps all too many are guilty for hoping more liberal policies and higher taxes are a solution. But, the liberals are telling us the rich can pick up the tab - so, little is done on their part to reign in spending or to provide equal opportunity incentives for growth. Oh yes, and the Republicans don't want immigrants.
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