David M. Brown's Blog

July 4, 2010

For the the trillionth time: No, destroying the economy will not save the economy!

Filed under: Economics,Media and journalism,Politics,Society and culture — davidmbrowndotcom @ 2:29 am

The New York Times‘s mindless “solution”: if massive draining of wealth from productive economic actors and funneling it into “stimulative” makework doesn’t save the economy, well then, better hamper and rob from the productive people even faster and harder.

We haven’t been kicking the prime movers of the economy in the groin enough, bleats whoever is drafting these fatuous editorials. That’s the problem.

Question for next NYT editorial conference: When, exactly, is the government supposed to stop interfering, stop “creating” jobs, stop paying people not to work? When the economy consists of nothing but government workers and the unemployed and all the rest battening on government handouts?

If babblers and politicians want to genuinely stimulate the economy, they must advocate the removal of and then actually remove the shackles. They must let productive people function unimpeded. They must slash spending, slash taxes, make it easier to hire and fire, easier to make money, easier to invest and reinvest, easier to plan ahead, easier to build capital, easier for the market to determine entrepreneurial winners and losers. But do not, please, please, please do not continue destroying the economy. Destroying the economy is bad!

Look. Suppose you go to a doctor to get help for a dread disease and he gives you a higher dose of the disease and breaks your legs into the bargain. Would that really help? No, it would not! When people are damaged, damaging them even more does not help. (Not even if somebody who dislikes the recipients of the noxious nostrums says, “Hey great, now they feel even worse!”) You cannot reverse damage that way. It doesn’t work. Destruction is the opposite of preservation and renewal.

So, it’s not going to help people get jobs if the people who can best provide jobs keep getting their legs broken in the name of “saving” an economy that depends on the survival and prosperity of the job-providers. (By “jobs” here I mean real jobs, i.e., jobs producing goods or services that consumers with honestly earned money are willing to pay for.)

The only solution is to get the hell out of the way. If destroying the economy doesn’t revive the economy, try not destroying the economy instead.

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