Government stops spending when it runs out of 'OPM' -- Other People's Money


The pretty little arguments liberals make on the economy become so predictable. The issue is never debt reduction. It's always spending. We know this because liberals in America have never found a time in which spending more money isn't a good idea -- good times or bad times.

If there is any debate with libs it is only how much money to spend. For example, in a recession shall we spend into it ... or REALLY, REALLY spend into it. The "Sir-Spend-A-Lot" of the Liberal Roundtable is Paul Krugman of the New York Times. You can find his latest missive here, which essentially tells us that if we don't stop spending mere billions into this recession and start spending trillions, we're headed for a depression.

Meanwhile, American conservatives contend that kind of fiscal thinking simply piles crazy on top of crazy. And even Europeans now advocate debt reduction instead of more spending.

Consider this piece by Tim Cavanaugh of "Reason" magazine, which points out:

"Europeans have lost their appetite for digging deeper holes of debt for the same reason Americans have: because they don't have a choice. As Margaret Thatcher predicted would happen, we have all run out of other people's money. That reality explains a lot more than airy references to Germans' anti-inflationary mass psychology.

"We're at the tail end of the largest economic intervention since World War II, and even on its own narrow, nebulous terms, it has been a colossal failure. The failure is obvious to working people. It's obvious to unemployed people. It's obvious to kindergarteners, to dogs and cats. Only Paul Krugman persists in thinking good things will happen if we just throw more money on the barbecue."

Complete Las Vegans will want to read both Krugman and Cavanaugh. It will get your juices flowing and serve as a good reminder for why the fall elections have become so important. Will we allow President Barack Obama, Sen. Harry Reid and Rep. Nancy Pelosi to continue spending money we don't have (as Krugman says we should), or will we say "no more"?

That is the big question facing us in November.