I’m watching Barack Obama’s press conference, and he urged people to remember “their commitments to each other” and our “common goals” as a nation. Collectivist economic actions, by not focusing on individuals and their best interest, actually increase economic inefficiency and destroy wealth.
Instead of urging the people to change how they act and to support ever increasing government authority, Mr. Obama should focus on reestablishing the rule of law and stable money supply upon which our wealth creation engine depends. Every subsidy, every ad hoc regulation and program, and every run to the printing press do more to harm the economy than all the greed on Wall Street.
Many Americans are giving up luxuries to survive this economic crisis. The governing class, led by Mr. Obama, need to give up some luxuries too. They can no longer give themselves the luxury of using the Federal Budget as a social engineering tool. They can no longer give themselves the luxury of spending beyond tax revenue. They can no longer play Enron-like accounting games with the budget spending. Most importantly, they can no longer use laws and regulations as a tool for personal and political gain.
The population, which is the foundation of the economy, is weary of politicians acting as if they still have the luxury of legislating and spending for personal and political benefit in this time of crisis. For every restaurant dinner, necklace, vacation, suit, computer, TV, pair of shoes, or couch given up by an American consumer who has to stick by a budget, a politician should give up an earmark, a line item, or a pet program that does nothing to forward one of the US Government’s constitutional duties. Sadly, we will sacrifice luxuries while they take even more.