In today’s Wall Street Journal, several writers respond to a column last week by Professor Alan Blinder. Blinder, as usual, gave a Keynesian argument in favor of still higher federal spending and said that we shouldn’t worry about accumulating debt. Below is a letter from a North Carolinian who understands political and economic realities much better than Blinder.
No one can take seriously a promise from President Obama and Congress that deficits will be tamed after just one more spending burst. Maybe we could trust Mr. Obama on that score if he had told us in 2008 that he would be racking up $5 trillion in additional debt by 2012 and that unemployment would be 8.5%. Of course, if we had been told the truth, chances are that Mr. Obama would still be Sen. Obama.
The truly frightening fact that Mr. Blinder neglects to mention is that democratic governments are inclined to spend more than they can afford for as long as they can, and they stop only when the money runs out (as creditors and taxpayers rebel) or when the money becomes worthless. Promises to reduce deficits “later” are insulting.
Ryan Phillips
Corolla, N.C.
