Great article in the New York Times of all places today about how Obama’s economic plans, which are predicated on the widely discredited economic texts of Paul Samuelson, will ruin the economy.
Rahm Emanuel, the incoming White House chief of staff, has said, “You don’t ever want to let a crisis go to waste: it’s an opportunity to do important things that you would otherwise avoid.”
What he has in mind is not entirely clear. One possibility is that he wants to use a temporary crisis as a pretense for engineering a permanent increase in the size and scope of the government. Believers in limited government have reason to be wary.
In other words, like Lenin in the Bolshevik revolution and Roosevelt in the Great Depression, Obama will use the crisis as a once-in-a-lifetime opportunity to destroy the free market and centralize power and privilege for decades to come.
One side-effect of this is that the stimulus will temporarily juice the staffing industry because employers will bet against long-term risks like permanent hire.