RUTHFULLY YOURS

https://quadrant.org.au/opinion/qed/2020/05/strange-times/

“Did Nero, Robespierre, Hitler, Stalin, Castro, Mao, Pol Pot or Pinochet ever dream of such power as has been ceded to our various public health officers? The dictators of old would be green with jealousy to see entire populations reduced to meek compliance without the threat of torture and death.”

Does anyone feel like me? More aggrieved and irritated at the behaviour and demeanour of politicians loosening restrictions than when they were imposing them. ‘We in our magnificence deign that you can now congregate in larger groups than two, five, or ten, provided you remain distant from each other, constantly wash your hands, sneeze into your elbows, and don’t stand up in pubs or restaurants or hang about too long. And none of that dangerous singing in church, if we ever allow you again to partake of those primitive rituals.’

Yes, m’lord and m’lady. No, m’lord and m’lady. Three bags full, m’lord, m’lady.

At the same time, I have to say that journalists who know what’s best for us run politicians a close second in the irritating-beyond-words stakes. Best not to speak about the unspeakable – public health officials. Is there any group of people more blinkered, less empathetic? Haven’t come across one.

Just opened my Weekend Australian at the op-ed page.  Gerard Henderson is there, hurrah. Then we have (to me) the insufferable PVO, Katrina Grace Kelly telling us that “home sweet work is the new normal” and Fiona Harari telling us that “keeping our distance is not natural but it’s for our own good.” Yuk!

www.swtotd.blogspot.com

Congress is tossing around trillion-dollar relief packages, as we might a car or student loan, or a loan from Aunt Sally. A trillion is a big number, difficult even to conceive. Five thousand round trips to the sun would amount to less than a trillion miles. A trillion hours is greater than 100 million years, which would take one back to the Cretaceous Period when dinosaurs roamed the earth. A stack of a trillion one-dollar bills would reach 67,866 miles into the sky. The earth contains seven and a half billion people, a big number but less than one percent of a trillion

Here in the land of make-believe, the Democrat-led House of Representatives just passed the $3 trillion HEROES Act. A month earlier, Congress passed, and the President signed, the $2 trillion CARES Act. Combined, that Five trillion exceeds the 2020 federal budget. It exceeds, in current dollars, what we spent to conduct World War II. “Desperate times call for desperate measures,” is an ancient adage. However, do American taxpayers fully comprehend the size of the obligation to which Congress has committed them, their children and grandchildren? Senator Everett Dirksen (1896-1969 – R-Il) is alleged to have said: “A billion here, a billion there and pretty soon you’re talking real money.” Here it is, two generations later, and we’ve upped the ante a thousand-fold. In a time of crisis, Americans should not be parsimonious, but we expect our representatives to be prudent and respectful about spending money that is not theirs. To use this money to bail out profligate states and extend already generous benefits to public employees should not be the purpose. America needs to get back to work.

Government generates no income. That is hard to believe, given the lifestyles and the prodigality with which politicians toss money around. Government takes from taxpayers, and it borrows on behalf of those same taxpayers who are legally committed to pay it back. With a median annual household income in the U.S. of $63,000, and assuming a four-person household, the proposed borrowing for COVID-19 and its economic fallout amounts to just under a year’s income for the average household. And, that $5 trillion is on top of total federal debt of $22 trillion, growing at a rate of $1 trillion a year. Unfunded pension and health benefits compound the debt problem for the American taxpayer. Depending on the discount rate one uses, unfunded liabilities approach $50 trillion. Where will the money come from? There are only three answers: one, growth in GDP, which requires free markets, rule of law and limited but sensible regulation; two, higher taxes, which inhibit economic growth, and/or three, a depreciated dollar, which will reduce future living standards.