On Short Term Cures & Long Term Health

Liberals and conservatives alike are distressed by the economic pain that so many people are feeling. What person of conscience would not be troubled by: recessions, unemployment, job insecurity, failing enterprises, outsourcing of production and a very unequal distribution of wealth?

Working together people have cured these economic illnesses and greatly reduced the economic instability that is the root of most of the pain that workers feel. Nations that have administered these cures neither suffer from recessions, nor job insecurity, nor failing businesses. They preciously guard each and every job and each and every factory, so outsourcing is out of the question. And they enjoy a very equitable distribution of wealth.

The cure is called socialism and indeed it does work. But, history has shown that this cure is far worse than the disease. Socialism eliminated painful bouts of economic instability, but over the long term it left nations economically and socially impoverished, morbid and maladaptive.

Socialism ensured fully employment and job security by making it virtually impossible to discharge unproductive workers and dissolve unproductive enterprises. The cost of these policies were a substantially lower living standard for most workers, chronic shortages of the most basic goods and services and widespread environmental degradation. And with a few exceptions, technological and cultural innovation ground to a halt.

Socialism ensured a very equitable distribution of wealth, but at the terrible cost of destroying incentives for hard work, productivity and innovation. Conversely economic penalties for laziness and incompetence were virtually eliminated. The end result was a lower living standard for the entire population with the exception of privileged party members.

So, those who applaud Obama's application of socialist cures should take heed; the cost of eliminating short term instability will be America's long term economic health.

The pain of one generation may be eased through massive deficit spending, but we shall deprive future generations of the greatest engine of economic progress and prosperity that history has ever known. Indeed, sometimes the cure is worse than the disease.