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Boundless Stupidity July 8, 2010

Posted by Dwight and Lynn Furrow in Dwight Furrow's Posts, politics.
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Obama may be the first President in history to face three simultaneous disasters: the economic crisis that may plunge us into a depression, ecological disasters, in the short run caused by the BP oil spill and in the long run by climate change, and the perpetual wars in the Middle East that waste our human and financial resources.

The most immediate threat to our welfare is the call for governments to reduce budget deficits during a time of sluggish growth, extremely high unemployment, and moribund housing and financial markets. Budget deficits are bad if they cause investors to demand higher interest rates or they cause inflation to increase substantially. But there is utterly no evidence that interest rates are increasing—interest on government bonds is at record lows. And no inflation is in sight. In fact some economists are predicting deflation, which will be devastating to the economy and is more likely if governments stop spending. Calls to reduce budget deficits are nothing but right-wing ideological claptrap.

The effects of the oil spill will be felt for decades on the Gulf coast and will be followed by the gradual collapse of our ecosystems around the world as the effects of climate change accelerate causing massive economic and social dislocation. Meanwhile we dump billions of dollars into wars without purpose and with no end in sight.

Jonathan Taplin recently posted a summary of how we got into this mess that is spot on:

…since Ronald Reagan, a conservative mentality has gripped our country that rejected Nixon’s embrace of environmentalism and ignored the laws liberal Republicans had helped pass to protect the planet. Since Reagan a Neo-conservative foreign policy elite has rejected the warnings of Dwight Eisenhower and built a war machine unprecedented in world history and projected American power throughout the Arabian Gulf region at a cost of $1 trillion per year. And finally a conservative group of economists (The Chicago School) has empowered a group of Bond Traders (the Vigilantes) into threatening our government (and others around the world) to slash spending at the very moment our economy is poised to plunge into a depression.

The Bond Vigilantes Taplin is referring to are global investors (the people who caused the financial mess) who now claim that unless governments reign in their spending they will stop buying government bonds. As the record low interests show, this is bunk. Investors seem to like U.S. bonds just fine. But it is influential bunk—the public as well as the business community have bought into the idea that government spending is inherently bad. If we act on their recommendations it will send the U.S. economy over a cliff.

As Taplin notes: “And ironically, when you look at the chart above, it’s so clear what caused the deficit—the Bush tax cuts and the wars in Iraq and Afghanistan.”

Here is the chart Taplin refers to:

bush-policies-deficits-june-2010-e1277787005635

The share of the deficit caused by Obama’s attempts to stimulate the economy are miniscule when compared to Bush era military spending and tax cuts.

This has to be the biggest con in human history. Conservative policies nearly destroyed this country and the public blames Obama while clamoring for—more conservative policies. The utter stupidity of the American public is boundless.

We deserve what we get.

book-section-book-cover2 Dwight Furrow is author of

Reviving the Left: The Need to Restore Liberal Values in America

For political commentary by Dwight Furrow visit: www.revivingliberalism.com

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Comments»

1. Paul J. Moloney - July 10, 2010

It is no surprise to me that someone would think that “the stupidity of the American people is boundless.” I take a thought like this to be an indication of intelligence. No one starts out thinking that the many are stupid. It is a generalization, that seems to be true, that comes after many experiences among people. Also, it is a sign of intelligence to be able to differentiate between the one, or few, and the many. Stupid people are not going to make such differentiations. The intelligent and the stupid are the same to stupid people.

Someone who makes such a frank statement is not in the position to deceive the majority of stupid people. What we know happens, though, is that there are clever undemocratic politicians who are ready to take advantage of people because of the stupidity of the people. This puts democratic politicians at a disadvantage, at least seemingly. The thinking of some unscrupulous politicians must be that if one cannot do anything about the stupidity of the people then take advantage of it.

It seems that many of us were taught when we were young that in a democracy the majority rule. We were not taught, though, what it means when the majority that rules is an undemocratic majority. Real democracy is going to be opposed by stupid people.


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