This is, to me, the synthesis of this worldview [political liberalism] with which I now found myself disenchanted: that everything is always wrong.

But in my life, a brief review revealed, everything was not always wrong, and neither was nor is always wrong in the community in which I live, or in my country. Further, it was not always wrong in previous communities in which I lived, and among the various and mobile classes of which I was at various times a part.

...What about the role of government? Well, in the abstract, coming from my time and background, I thought it was a rather good thing, but tallying up the ledger in those things which affect me and in those things I observe, I am hard-pressed to see an instance where the intervention of the government led to much beyond sorrow.

But if the government is not to intervene, how will we, mere human beings, work it all out?

I wondered and read, and it occurred to me that I knew the answer, and here it is: We just seem to. How do I know? From experience...

Strand unacquainted bus travelers in the middle of the night, and what do you get? A lot of bad drama, and a shake-and-bake Mayflower Compact. Each, instantly, adds what he or she can to the solution. Why? Each wants, and in fact needs, to contribute—to throw into the pot what gifts each has in order to achieve the overall goal, as well as status in the new-formed community. And so they work it out.

The fall of New York Gov. Eliot Spitzer holds many lessons, and the press will surely be examining them in coming months. But don't expect the press corps to delve into the biggest lesson of all -- its own role as his enabler.

...from the start, the press corps acted as an adjunct of Spitzer power, rather than a skeptic of it.

...[Spitzer] knew what sort of storyline they'd be sympathetic to, and spun it. He knew, too, that as financial journalism has become more competitive, breaking news can make a career. He doled out scoops to favored reporters, who repaid him with allegiance. News organizations that dared to criticize him were cut off. After a time, few criticized anymore.

Instead, reporters felt obligated to run with whatever he handed them.

Mr. Obama...proposes to solve the looming Social Security shortfall exclusively with higher taxes.

"Once people are making over $200,000 to $250,000," Mr. Obama says, "they can afford to pay a little more in payroll tax." No shared sacrifice, no outreach to moderates or conservatives, here...

Mr. Obama's plan fixes less than half of Social Security's long-term deficit, making further tax increases inevitable...

Mr. Obama's modest improvements to Social Security's financing come at a steep cost. The top marginal federal tax rates would effectively increase to 50.3% from 37.9%, equivalent to repealing the Bush income tax cuts almost three times over.

...the House Democratic majority has proposed a fiscal year (FY) 2009 federal budget that:

* Raises taxes by $1.265 trillion over five years and $3.911 trillion over 10 years, or more than $3,135per household annually;

* Includes 17 reserve funds that could be used to raise taxes by hundreds of billions more;

* Increases discretionary spending by 8 percent and does not terminate a single wasteful program; and

* Completely ignores the impending explosion of Social Security, Medicare, and Medicaid costs.

Update... There's one advantage of having Spitzer replaced by his legally blind lieutenant governor: the new guv can make do with less expensive hookers.

Posted by Donald L. Luskin at 9:57 AM | link  

Posted by Donald L. Luskin at 12:39 AM | link  

Monday, March 10, 2008

Posted by Donald L. Luskin at 9:18 PM | link