Three Cheers for Gridlock

Lynne Kiesling

While I’m feeling grumpy and cynical, and wishing that more politicians and candidates had the cahones to say that government cannot, and should not, solve all problems, here’s a sensible statement from an editorial about the proposed stimulus package:

The problem with the economy isn’t a lack of government borrowing from the future in order to hand out checks today. The problem is that government overspending has been crowding out private investment, all while a deliberate policy of weakening the dollar has reawakened inflation. The stimulus package, especially when combined with the suddenly loose-money policies of the Federal Reserve Board, will only exacerbate those problems. The best solution would be for Congress to do nothing at all, and let the economy adjust on its own to the Fed’s already-aggressive efforts. Adding to government debt, on the other hand, is bad medicine no matter how it’s sweetened with election-year rhetoric.

Thanks to Glenn Reynolds for the link.


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