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January 6, 2011

VICTOR DAVIS HANSON: The New Sophists. “In 2009, brilliant economists in the Obama administration — Peter Orszag, Larry Summers and Christina Romer — assured us that record trillion-plus budget defects were critical to prevent stalled growth and 10 percent unemployment. For nearly two years we have experienced both, but now with an addition $3 trillion in national debt. All three have quietly either returned to academia or Wall Street. . . . The public might have better believed the deficit nostrums of former budget director Peter Orszag had he not retired after less than two years on the job to position himself for a multimillion-dollar billet at Citigroup — itself a recent recipient of some $25 billion in government bailout funds. Are we to wonder why an angry, grassroots tea party movement spread — or why it was instantly derided by our experts and technocrats as ill-informed or worse?”

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