A sobering column by Victor Davis Hanson. I am waiting to see if any of these issues will be addressed in the election campaign. . .but I have my doubts. Young and old face some serious challenges as a result of decisions in Washington.
In other words, we are seeing the proverbial chickens coming home to roost in an economy that has run up $16 trillion in debt, regulated its way into paralysis,
hounded the private sector, and demonized profit-making. The strange
thing about the 2008 disaster was not just that hand-in-glove with Wall
Street banks Freddie Mac and Fannie Mae created a huge real estate
bubble and then watched it pop (one inflated through private speculation
and government-backed sub-prime loans), but that the blame went not to
the intrusive, incompetent federal government or even to a
Goldman-Sachs-like bundler (a firm from whom Obama got more campaign money
than did any other prior presidential candidate), but to the vague
“private sector” — as if the well-driller or timber man had somehow
collapsed the economy. The result was that Obama’s medicine from 2009
onward was worse than the original disease.
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