The View From 1776
Thursday, February 19, 2009
A Warning We Should Heed
Having suffered the ravages of a socialized, planned economy under the Soviet Union, Putin’s Russia tells us that we are moving along the road to serfdom.
Frank Frank Madarasz sent me this link to Clarice Feldman’s article in The American Thinker: Putin warns US to eschew socialism.
Putin’s admonitions remind me of Mussolini’s comments to reporters in the 1930s when he was asked for his reactions to President Franklin Roosevelt’s New Deal socialization agencies. Mussolini replied that President Roosevelt’s adoption of Italy’s Fascist state corporatism was flattering, but he felt constrained to warn President Roosevelt that no nation ever had been able to restore prosperity through the inflationary effects of expanding deficit spending.
That, of course, is precisely what President Roosevelt set out deliberately to do, with the result that an ordinary economic recession was prolonged for eight years. And that is precisely the effect of President Obama’s massive expansion of Federal deficit spending under his stimulus bill.