A little over a week ago, the WSJ's token liberal opinion columnist, Thomas Frank, offered a typically condescending description of the "tea parties" that political conservatives have been organizing as a public protest against profligate federal spending. As far as he was concerned, the parties are staged, manipulated, out of touch and unrealistic, mere "pity parties" for conservatives who are fat and remain sassy, despite their recent electoral thrashing.
Today, the Tea Party happened in Cincinnati, where the Enquirer reports some 4000 folk gathered on a Sunday afternoon to vent their spleen over out-of-control federal spending.
We are witnesses to none of this. But we suspect that Mr. Frank has misunderestimated the degree to which Americans are willing to spend borrowed money to the tune of $17,000 per household to shore up an economy that is now reported by the President himself to be not that bad after all.
We think that most public rallies don't show the best side of the causes they represent. That Frank could attend a couple and find something to ridicule is not much more suprising than finding something to ridicule at the local mall or multiplex.
What's becoming obvious, though, is that the recession is wearing thin as a cover for remaking the relationship between government and citizens in our Republic.
4 comments:
I have to say, dropping tea in the Clyde has become our favorite expat 4th of July activities.
I would say pathetic. Is this the new role of the conservative movement? Have we become the democrats of the W. era?
-BFox
Since I live downtown (Cincinnati) it was a major disturbance especially the 40 year old white dude they had playing a Beastie Boys hit from the 80s entitled, "You've got to fight for your right to party." You know, in reference to the Tea Party.
Can I add something? While I am against excessive government spending (earmarks, pork etc) I think it should be understood that this particular economic scenario has presented Ben Bernake the ideal opportunity to test his doctoral dissertation (thesis) about monetary policy during the Great Depression.
His thesis was that a tightening of the money supply exacerbated the depression. Tightening the money supply in a deflationary economy is no, no! This is the first actual deflationary scenario we have had since the Depression and so pushing money into the system will actually be helpful by stimulating inflation. We keep printing money and the dollar keeps getting stronger! Key sign of deflation! The dollar itself is a commodity.
We need more money in the system. And our friend is inflation! But the stimulus and printing of money must stop at the appropriate time or inflation could sneak up quickly and get out of hand. It is a delicate balancing act. The best thing to do will be to gradually raise interest rates.
I think I agree with Bernake's approach right now. A man has got to do what a man has got to do.
'Tis not denial of the need for liquidity in a deflationary environment but the imbalance between federal spending and tax cuts that provokes the thoughtful Tea-Partyers to disturb the bucolic Sunday-afternoon splendor of the Queen City's downtown.
Post a Comment