Obama economic arrogance or ignorance?

 

The digital numbers spinning away, showing the increasing United States debt, cannot move fast enough to keep up with the economic bleeding that is going on under the Obama administration and the Democrats in Congress. The long term effects will undermine the United States' capacity to function as an economic leader.

During the Bush presidency, it was an economic drip, drip, drip of American's wealth, but within the first 100 days of  Obama moving into the White House, it has become a tide of red ink, creating an ocean of debt that will penalize Americans for generations to come.

Early in the 19th century, Frederic Bastiat, the famous French economic journalist wrote about the "seen" and the "unseen" consequences of any political action.  He wrote that the "seen" was the obvious consequences of an action or policy.  The "unseen" were less obvious.

Bastiac wrote:

Sociologist Robert K Merton wrote an article, The Unanticipated Consequences of Purposive Social Action, in which he identified "ignorance" and "error" as two sources of unforeseen events.  Merton also named the third source, "the imperious immediacy of interest" in which someone wants the intended consequences of an action so much that he purposefully chooses to ignore any unintended results.

Merton could not have described Barack Obama better:  his economic arrogance and ignorance combined with his lust for power is hidden behind a curtain of oration that causes Americans to misconstrue  propagandistic speech as leadership.

There will be some Americans who will at least make the effort to challenge the destruction of capitalism, that will all it faults, made the U.S. the most productive and wealthiest nation in the 20th century.  And there will be others, who like sheep who  are led to slaughter, simply fall in line  line as their economic futures are compromised.

 

      Robert C. Merton                              Claude Frederick Basstiat                                           

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