image

How serendipitous it is that PJTV has begun 2015 with a series of videos covering Henry Hazlitt’s marvelous book, Economics in One Lesson.

Its arrival comes just as Obama administration apologists celebrate the alleged wonders of our current economy. Later, I will provide one example showing how suspect those claims likely are.

PJTV’s effort includes an installment on each of Hazlitt’s original 24 chapters. Short of reading and absorbing the content of the book itself, this series may be the best 90 or so minutes one will ever spend learning how societies genuinely advance their living standards, and how governments almost invariably work to slow or stop that onward march. It’s perfectly suited for otherwise very busy people who only can carve out a few minutes a day from their daily pursuits, including the millions who are working multiple part-time and temporary jobs in this allegedly marvelous economy just to makes end meet.

Keynesian naysayers will immediately try to pounce on PJTV’s supposedly misplaced priorities. After all, a skeptic’s book originally published almost 70 years ago can’t possibly have any current relevance. We’re all so much smarter now, right?

Wrong.

Since the advent of Franklin Delano Roosevelt’s New Deal, Keynesian thought has held sway with rare exceptions in economics courses throughout the land. As has been the case in so many other areas dominated by leftist dogma, real-world failures to achieve predicted outcomes have only caused its adherents to double down on their nonsense, mount ever more absurd arguments and turn up the shrillness of their attacks on opponents.

Keynesians desperate in search of good news after the awful recovery from the nation’s most recent recession – a recovery publicly and explicitly directed by their disciples – want the public to believe that the U.S. economy’s recent performance, at long last, vindicates their precepts.

We’re supposed to forget that their recipe gave us a four-year post-downturn performance that was arguably worse – that’s right, worse – than the four years following the Great Depression’s 1933 crater. We’re not allowed to notice that the 20 percent ramp-up in federal spending supposedly required to enact their precious stimulus plan in 2009, originally sold as a “temporary” two-year maneuver, has instead morphed into what they hope is a permanent floor in the size and scope of the federal government upon which they build an even bigger leviathan.

We’re supposed to discount as unimportant the $6 trillion in deficits and the $7.5 trillion increase in the national debt seen during Barack Obama’s presidency. We’re supposed to believe the $4.5 trillion in Federal Reserve electronic money creation known as “quantitative easing,” without which an otherwise broke government could never have financed its profligacy, won’t badly hurt us down the road.

Written by Tom Blumer
Read more at WND

Leave a Reply