After seeing the recent poor growth data for the United States, he singled out as a possible cause “the drift of so many conservatives away from what used to be the mainstream market-oriented Washington Consensus toward Austrian economics and Ron Paul style hard-money libertarianism.”
http://opinion.financialpost.com/2011/08/09/terence-corcoran-don’t-blame-the-tea-party/
It's funny - with no apology, the government has taken and spent trillions on ideas that are unproved and unprovable. The stimulus? $800 billion up in smoke. The Great Society - Trillions of dollars to buy .... the same levels of poverty we've had since the early 70s. Our government has forcefully extracted and blown - well, not blown if you consider the political legacy of so many important senators, congressmen and presidents, because certainly the money that was spent has done a lot to burnish those - more money than you or I could even conceive.
Now someone comes along and suggests that we try not taking money from our children and grandchildren and letting things play out. Let's see what happens if we quit fiddling around with things we no longer pretend to understand.
Radical. We just can't have that.
His conclusion:
For nearly five years we’ve had massive and unprecedented run ups in government spending and debt in the United States and around the world. We’ve had vast expansion of government powers over banks, energy policy, financial markets, health care and other sectors. We’ve had staggering and unprecedented monetary policy interventions across Europe and in the United States. All of which have produced no growth and lousy job numbers, with the likelihood that the debts may not be repaid as a result. And the charge is laid that a small cadre of congenitally ineffectual free market libertarians is the cause of it all.
http://opinion.financialpost.com/2011/08/09/terence-corcoran-don’t-blame-the-tea-party/
It's funny - with no apology, the government has taken and spent trillions on ideas that are unproved and unprovable. The stimulus? $800 billion up in smoke. The Great Society - Trillions of dollars to buy .... the same levels of poverty we've had since the early 70s. Our government has forcefully extracted and blown - well, not blown if you consider the political legacy of so many important senators, congressmen and presidents, because certainly the money that was spent has done a lot to burnish those - more money than you or I could even conceive.
Now someone comes along and suggests that we try not taking money from our children and grandchildren and letting things play out. Let's see what happens if we quit fiddling around with things we no longer pretend to understand.
Radical. We just can't have that.
His conclusion:
For nearly five years we’ve had massive and unprecedented run ups in government spending and debt in the United States and around the world. We’ve had vast expansion of government powers over banks, energy policy, financial markets, health care and other sectors. We’ve had staggering and unprecedented monetary policy interventions across Europe and in the United States. All of which have produced no growth and lousy job numbers, with the likelihood that the debts may not be repaid as a result. And the charge is laid that a small cadre of congenitally ineffectual free market libertarians is the cause of it all.
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