The global economy is in for a rough ride. What went wrong? My view is that this coming recession has been building for decades. Ever since Progressivism became a popular political credo. As more and more Progressives entered politics, and garnered support by penalising enterprise, growing government and buying votes with money that really didn’t exist, the obvious outcome was always (eventually) going to be an economic meltdown.
The left of course will deny this, and try to shift the blame elsewhere. We will observe them everywhere blaming capitalism, or free markets or Republican policies (George Bush primarily) and doing anything but admit what is really happening. The coming collapse is not a failure of western Civilisation, or capitalism, or free markets. Its simply and purely a failure of leftism.
J Robert Smith nails it so succinctly on American Thinker- “Big governments have incurred big debts and made extravagant promises of entitlements, thereby ensuring jaw-dropping deficits, all the while gambling that cash-cow capitalism will continue to produce even more cash to meet government obligations — and permit governments to spend and borrow more.
But capitalism and free enterprise have their limits; their shoulders aren’t sturdy enough to indefinitely sustain the ravenous, elephantine governments that perch and feed on them. Nor can capitalism and free enterprise be harassed and stripped of their vitality in the name of fairness and equality and be expected to keep yielding wealth. ”
So right. Read the full article here