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    Posted October 4, 2008 by
    Chicago, Illinois
    This iReport is part of an assignment:
    Campaign 2008

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    OBAMA'S ECONOMICS ARE DICTATED BY HIS CHIEF ADVISOR, AUSTIN GOOLSBY, AN UNREFORMED KEYNESIAN. Barack Obama's announced policies are a prescription for economic disaster, as demonstrated in a prolongation of the 1930s Depression and stagflation in the 1970s. Keynesian economic doctrine, in substance, is the centerpiece of Obama's menacing economic plans. Senator Obama proposes to repeat the policies of Franklin Roosevelt's New Deal that turned an ordinary two-year recession into an eight-year disaster, with unemployment rates continuously in the high teens. Historians recall FDR's destroying food supplies and purposely preventing people from obtaining jobs in order to force them to turn to the government for help. The key elements of Senator Obama's proposed economic policies, as in the New Deal and the stagflation of the 1970s, are much higher taxes, along with a pervasive increase of business regulations and price controls in healthcare and energy (which sharply depress business activity and employment rates), full-frontal embrace of labor unions (which will push up wages and benefits to levels deterring profitable expansion of industrial production), and massive new government deficit spending (which will accelerate the already dangerously high rate of inflation and devaluation of the dollar). Carried out as he proposes, Senator Obama's polices will lead us again into the swamp of stagflation. The basic thrust of Keynesianism is the belief that control of the economy must be collectivized at the Federal level, because private business is incapable of regulating employment, and because the proper goal of economic policy must be thwarting greedy businessmen in order to attain so-called social justice: equal distribution of income and wealth, without regard to merit, capability, or hard work. In practice (in the 1930s Depression and in the 1970s stagflation) Keynesian economics caused devastating harm to every citizen. In the stagflation of the 1970s not only was unemployment distressingly high, particularly in Midwestern industrial areas, which became known as the Rustbowl, but inflation wiped out roughly 57% of the purchasing power of every citizen's lifetime savings. For an eminently readable analysis of Keynesian economics, the economic bedrock of liberal-progressive worship of the socialist religion, read Professor Murray Rothbard's critique, Spotlight on Keynesian Economics. One caution: when Professor Rothbard speaks of liberal economists, he is using the classic terminology of 18th England that referred to true freedom: laissez-faire economics, free from government intervention, not to today's American sect of the international religion of socialism. Thomas E. Brewton is a staff writer for the New Media Alliance, Inc. The New Media Alliance is a non-profit (501c3) national coalition of writers, journalists and grass-roots media outlets. His weblog is THE VIEW FROM 1776 Obama = Jimmy Carter II

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