The View From 1776
Tuesday, February 18, 2014
Living On The Dole Or In Debt
Liberal-progressives can take pleasure in the Wall Street Journal’s report today that U.S. household debt posted the largest quarterly increase since before the recession. This while the country remains adrift in the doldrums of the worst economic “recovery” since the liberal-progressive Great Depression of the 1930s.
Given the liberal-progressive apotheosis of self-indulgence and immoral hedonism, it’s not surprising. The Federal Reserve has been lavishing fiat money on the stock market, aiming to create a “wealth effect” that will induce people to resume their profligate use of debt that created the housing bubble and implosion of the banking system in 2007-2008.
Rising household debt represents continuation of the long-term trend away from the ethos of hard work and savings for a better future, a trend that gladdens the hearts of liberal-progressive-socialists whose religious catechism includes Keynesian economic doctrine. Our educational system, from grade school to college, has for more than five decades inculcated the unconstitutionally established national religion of socialism: the belief that saving causes recessions, that capitalism is no more than greed and anti-social competitiveness, that only the collectivized, all-powerful national political state can dispense social justice.