There is a time in which people wake up and say ‘’the emperor has no clothes’’.
The federal government has broken the bank with an astounding $6+ trillion in pandemic-related spending to date, and President Biden wants to spend trillions more. Unfortunately, many Republicans in Congress have been too inconsistent on this issue to protest this spending binge in any meaningful way.
But one of the few principled fiscal conservatives left in Washington, Senator Rand Paul, is warning Americans to «wake up» to the «profound repercussions» this big government blowout will have. «When the says this is transitory, I think that’s an excuse for government spending and borrowing,» the senator said. «It’s sort of from the same kind of lexicon of ‘deficits don’t matter.’»
But our spending levels aren’t sustainable. «What you’ve caused is a massive misallocation of resources, a massive infusion of cash into the stock market».
«There is a time in which people wake up and say ‘the emperor has no clothes,’» Paul said. «And at that moment in time, you will discover that there’s a lot of capital that’s gone in the wrong direction, that demand is exceeding supply… because we’ve disrupted the normal marketplace».
Source: Brad Polumbo | Foundation for Economic Education