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Assault on America, Day 517: Not even Dems should root for an anemic economic recovery

Why Democrats should root for a strong economic rebound

President Donald Trump has been talking about it for months, the anticipated drastic increase in economic activity once state governors and local authorities give the go-ahead for people to leave their houses and return to social mixing and engaging in the commercial activities that they’d based their lives on before anyone ever got wind of the Chinese Communist Party (CCP or Wuhan) virus that’s dominated media headlines and private citizens’ brains for over three months now.

It's true; there’s nothing like deprivation to fully grasp the important things in life. It wasn’t all that long ago that we could take an evening off and head to a favorite restaurant to be served by familiar faces and feel good about the experience afterwards. Or to patronize a “non-essential” store to buy knickknacks and accoutrements for the home environment or a gift for a friend or loved one. It’s popularly known as freedom in our semi-capitalistic economy.

Here in Virginia we’ve entered the first full week of mandatory mask wearing (in all indoor retail establishments for everyone over the age of 9) as dictated by Democrat Governor Ralph “I’m not sure if I was the guy in the Klan hood or the blackface one” Northam. The Old Dominion’s powers-that-be apparently decided that two and a half months’ worth of “stopping the spread” wasn’t good enough and further draconian measures were necessary to suppress the citizens’ will to resist and stifle economic activity so it won’t possibly recover ahead of November’s presidential election.

Of course, with the widespread trashing of many cities in the name of “protesting” the death of George Floyd -- including Washington DC near the White House -- by thugs and assorted opportunistic scum of the leftist variety, the task becomes even more difficult (if not impossible). The situation has significantly worsened just in the past few days. Society is literally unravelling.

Much was made last week of a Politico article that reported on a former Obama advisor predicting a massive uptick in the economy before America votes in November, which supposedly means bad news for Trump’s opposition, and that Democrat party leaders’ concern was “high -- high, high, high, high” about what’s coming. (As usual, Byron York did an excellent job describing the Democrats’ dilemma.) It’s only natural for political people to worry about something down the road, but this is ridiculous.

Democrats should realize that theirs -- and the country’s -- only chance to emerge from permanent ruin is for the economy to recover quickly and thrive. And even then, it won’t be easy because of the “debt virus”. Victor Davis Hanson wrote at National Review, “In the first two decades of the 21st century, the United States has faced three existential crises. The first was the 9/11 terrorist attack on the World Trade Center and the Pentagon, which prompted a global effort to fight radical Islamic terrorism. The second occurred in 2008, when the U.S. financial system and stock market nearly collapsed. The third began earlier this year with the COVID-19 epidemic and a quarantine that reduced the economy to its most shaky state since the 1930s.

“During the first two crises, we snapped back the economy with low interest rates, increased government spending, and larger annual deficits — and passed the greater long-term debt to another administration, another Congress, and another generation of Americans.

“We are postponing another rendezvous with reality. But as we near $30 trillion in debt, what cannot go on much longer soon probably won’t.”

The brilliant Hanson apparently presupposes that the political class will recognize the new realities and reverse course just in time to save the nation’s locomotive from reaching a cliff and falling into a bottomless abyss of debt and decay. Here’s thinking plenty of politicians recognized the writing on the wall years ago -- remember all the talk in the nineties about a Balanced Budget Amendment? -- but not nearly enough folks took it seriously back then, and here we are today.

As Patrick J. Buchanan often points out in his bi-weekly column, countries like the United States cannot forever fight expensive and costly overseas wars without courting fiscal disaster, and we’ve been waging non-stop conflicts and interventions more or less since the original Gulf War. These missions were in addition to maintaining large American military presences in places like Germany and South Korea, all with the intention of keeping perceived and real threats at bay and therefore preserving democracy and freedom for (parts of) the world.

Now that many of those same political elites -- Joe Biden? -- are seemingly gung-ho to keep Americans locked-down to the greatest extent feasible, there doesn’t appear to be sufficient acknowledgement of the awful fiscal realities that are pounding on the front door. Debt is piling up like peanut shells on the floor of a dive bar and still most politicians only talk about spending more, more, more. It doesn’t take a genius to point out that the only realistic way to recover from the CCP virus nonsense is to one, get the economy back on track, two, hope that growth will eventually provide the tax revenues to come close to balancing future budgets, and three, take a long, long hard look at reducing spending.

But what about raising taxes(?), liberals scream! The rich aren’t paying their fair share, blah, blah, blah. People are entitled to healthcare, a decent place to call home, a “living” wage and top quality federally backed education for the youngins and college kids! These aren’t luxuries, the soft souled whiners complain, they’re what everyone deserves! Forget competition, hard work and achievement, those at the lowest rungs on the totem pole should live just as well as Michael Bloomberg -- or at least like wealthy Republican donors!

These echoes will only grow louder in the coming months as Americans wake up from their shelter-in-place hangovers and start asking, what the…. (heck)? The upcoming presidential campaign isn’t likely to focus on the gargantuan debt, but sooner or later even the media will need to persistently pose questions as to how the biggest spenders intend to pay for their boondoggle pipedreams.

And that’s precisely why Democrats had better hope the economy does get better. And pronto.

Think about it. The major proposals Joe Biden and his party followers advocate would add multiple layers to the debt mountain. Medicare-for-All alone would cost tens of trillions over the course of a decade (yes, I know, Biden hasn’t endorsed Bernie Sanders’ pet issue but his own solutions would also be very, very expensive). The Green New Deal, which practically every Democrat thinks is something to aspire to, would completely transform the economy into a Soviet-style demand structure with dictates from central authorities on where people work, what they produce and how much they get paid.

All to allegedly stave off looming “climate change,” which liberal scientists and experts swear is coming to engulf us all with rising oceans, melted polar ice caps, severe storms, etc. Hollywood’s beautiful people and their political chums in the Democrat party don’t seem to mind flying around in carbon-belching private jets and sailing on diesel-engine propelled yachts, but they’re okay with lecturing all of us into riding bikes more and shutting off our air conditioners.

And oh yeah, the world’s predominant power sources would be wind farms and solar fields that encompass the entire desert southwest. It goes without saying these “renewable energy” operations would be heavily subsidized from the federal general fund and create new armies of “green jobs” workers -- and bureaucrats -- who would spring from the woodwork and relocate to wherever they’re told to move. It’s not feasible to make any of this happen, of course, but it sure sounds good for liberal pols to say during a debate!

If the economy doesn’t get back to normal (or close to it), who will pay for it? Here’s thinking even some Democrats -- the ones in swing districts and red states -- will give lip service to the disastrous consequences from the spending boom. The Republican establishment (think Mitch McConnell) will similarly toss out perfunctory cautionary warnings, but only principled conservatives like Sen. Rand Paul would make it a centerpiece of discussion.

Recall two years ago when Paul held up passage of a “bipartisan” spending bill to highlight the gross bloat and waste of government? He was shouted down by members and leaders of both parties as selfish and obstructionist. Will the post-coronavirus debt bomb shove Rand and his mindset to the forefront?

Let’s hope so, but I won’t hold my breath. Paul said in part, “The number-one threat to our country's future is our debt. The number-one threat to our national security is our debt. This deal gives the president the power to borrow unlimited amounts of money. This deal represents the worst of Washington culture. The left and the right have come together in an unholy alliance to explode the debt. The left gets more welfare. The right gets more military contracts. And the taxpayer is stuck with the deal. This is a bipartisan busting of the budget caps that will further indenture our next generation.” (Again, read Paul’s entire remarks by clicking here.)

Both Democrats and Republicans should combine to promote economic growth and fiscal responsibility. President Donald Trump will get onboard if the ideas are practical. The rest is up to the citizenry to recognize what the profligate spenders represent -- more pain and economic suffering.

2020 economic recovery won’t mirror post-World War II’s

Commentators searching for possible scenarios on how the economy will rebound have sometimes employed a World War II analogy as a historic test case, since it’s the best recent example of massive temporary government spending and to a much greater degree, transitioning entire industries into production facilities for a national effort.

Post-war economic growth essentially paid off the debt incurred during the war years. Will it happen now? Probably not. The United States recovered from WW II’s spending glut because of a retooled economy, substantial amounts of liquid cash from full-employment and worldwide demand that hungered for American products.

America emerged stronger back then in large part because it was the only major industrialized nation that wasn’t physically impacted by the ravages of war. Plus, women were incorporated into the workforce and returning soldiers, sailors and marines were ready to live lives with a different perspective on freedoms and luxuries.

Today, there will be a similarly large pool of cash, but it’s not clear how willing consumers will be to spend and whether enough small businesses make it through the crisis to provide employment. Democrats appear bent on keeping everything shut down to delay the inevitable. The rest is up to us.

Sooner or later Americans will realize the coronavirus hype was a hoax

Part of the reason why the economy will recover to some magnitude is because common sense will eventually overwhelm Democrats’ continued insistence on keeping things shuttered indefinitely. While everyone acknowledges that COVID-19 is real and it’s devastating to certain populations of human beings, data and visual evidence indicates we’ve been duped to a large extent. Cheryl K. Chumley wrote at The Washington Times (at the end of April), “Seriously, America. The only reason America is still in shutdown mode is political.

“Either politicians are too afraid to make any move that might come back to bite them politically or politicians are using this coronavirus to political advantage — to, say, pass gun control laws, like Virginia’s governor, Ralph Northam. Or to, say, float campaign hopes on the current ravaged economy, like former Vice President Joe Biden and oh, all the Democrats facing races. But for the rest of America — the rest of hardworking, freedom-loving America — it’s time to reel in the radically unconstitutional...

“As time goes by, the answer will only become more and more evident. The coronavirus may be real — but the hype is hoaxed. Now let’s just hope this is a one-time hoax that doesn’t roll around every time flu season approaches.”

That’s the fear of every rational observer these days. Even when a vaccine is developed and approved, the purveyors of doom and gloom likely will dredge up some “expert” to go on CNN and MSNBC and declare it not 100 percent effective and/or complain it was rushed through the process because of Trump-ian political pressure.

The economy will come back to the extent people realize this phony hysteria isn’t based on anything but worries about what might happen, not what will occur. We could be crushed by a coronavirus-shaped asteroid from the heavens tomorrow too. Does this mean it’s coming?

Clearly, not all Democrats hope the economy will come rushing back in the fall, but if they ever wish to realize any of their fantastical government-control schemes, they’d better hope it does. The debt disease is every bit as real as COVID-19 and the political class seems immune to demands to address it. No hype needed here.

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