The Federal Government’s wasteful spending, institutional meddling, and taxpayer plundering is giving us hesitant entrepreneurs.
Robust job growth requires boldness and risk-taking in the private sector. What we have now is boldness and risk-taking in the public sector. It is loading as much debt onto the balance sheet as possible, and creating the predicate for more regulation, spending, and taxes. We have active government and hesitant entrepreneurs.
Late in the Great Depression, Franklin Roosevelt’s Treasury secretary, Henry Morgenthau, told Congress, “We are spending more than we have ever spent before and it does not work.” Democrats have made Morgenthau’s plaint their governing ethic. In so doing, they are demonstrating their political and intellectual bankruptcy even faster than they are bankrupting the country.
Spending money does not create wealth. Spending money does not raise the standard of living.
But it lets politicians feel like they’re “doing something” and gives their fat egos a boost. Also, spending money buys votes … even if it’s at the expense of what will soon be a bankrupted citizenry.