November 25, 2008

THOMAS SOWELL ON “JOLTING” THE ECONOMY:

Amid all the political and media hysteria, national output has declined by less than one-half of one percent. In fact, it may not have declined even that much– or at all– when the statistics are revised later, as they very often are.

We are not talking about the Great Depression, when output dropped by one-third and unemployment soared to 25 percent.

What we are talking about is a golden political opportunity for politicians to use the current financial crisis to fundamentally change an economy that has been successful for more than two centuries.

Plus, they get to neutralize a rival power center.

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