“Mr Stockman’s new book, The Great Deformation , highlights the enduring conservative appeal of a kind of economic primitivism that harks back to the days when laisser-faire ruled and macroeconomics had not been invented.“The modern Keynesian state is broke, paralysed and mired in empty ritual incantations about stimulating “demand”, even as it fosters a mutant crony capitalism that periodically lavishes the top one per cent with speculative windfalls,” wrote Mr Stockman in the New York Times article that set off a minor furore in Washington this week.”
Seems like he has nailed it! They might not like it but it accurately describes the hole we are in. Getting out of it is going to be painful for the young, old, and not-rich. But we’ve been scammed with “free lunch”. Now there is a very ugle chicken coming home to roost!
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