Monday, August 23, 2010

The power of No

There are plenty of times when 'No' is the right answer. You don't negotiate settlements with deceitful totalitarians. You don't agree to bigger deficits without a compelling reason, like war. A recession is not a compelling reason. Keynesian only works in theory, not in practice. The deficits you create have to be paid back, but politicians don't know how to tighten their belts.

I have believed for at least 35 years that most of the time, voting against increased spending is the right choice. In the case of the stimulus bill, health care reform and financial regulation reform, voting against them was justified solely on the way they were devised, behind doors, without time for anyone to read and absorb their implications and hold a public debate on them. That should be a minimum requirement for such sweeping legislation. Federal laws are so vague that it's essential that a legislative history be created to guide courts in interpreting them, but there is none for any of these bills.

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