If this is what the American people want, so be it, but they ought to have no illusions about the perils of this approach. Mr. Obama is proposing among everything else $1 trillion in new entitlements, and entitlement programs never go away, or in the oddly poetic bureaucratic argon, “sunset.” He is proposing 1.4 trillion in new taxes, an appetite for which was largely was whetted by the shameful excesses of American CEO corporate culture. And finally, he has proposed $5 trillion in new debt, one-half the total accumulated national debt in all US history. All in one fell swoop.
He tells us that all this is going to work because the economy is going to be growing by 3.2 percent a year from now. Do you believe that? Would you take out a loan based on that? And in the three years following, he predicts that our economy will grow by 4 percent a year.
This is nothing if not audacious hope. If he’s right, then looking back, March 2009 will be the dawn of the Age of Stimulation, or whatever elegant phrase Niall Ferguson comes up with. If he turns out to be wrong, then it will look very different, the entrance ramp to the Road to Serfdom, perhaps, and he will reap the whirlwind that follows, along with the rest of us.
As eloquent as he is, there is absolutely nothing intellectual about this reasoning. HotAir seemingly welcomes Buckley back into the conservative fold for his thinly veiled buyer's remorse. I'm not sure he should be allowed back. His summation is that Obama is rolling the dice with at best a 50/50 shot of success, and damning all of us to the results. Far be it from me to deem the actions of a degenerate gambler as being anti-intellectual, but let's call a spade a spade.
As far as I'm concerned, Buckley can rot in the desolate wilderness of his pure anti-intellectualism.