So you think we’re all out of the woods? [updated]
Every drinking orgy has its hangover. Every spending orgy has its credit card bill. Every stimulus season has its winter.
It’s now winter. The leaves are already brown and the debt sky is very grey indeed. The Economist charts the increase in governments’ debt since stimulus season started, projected out to 2014. (The little boxes on the right give you the absolute percentage as compared to GDP).
Interesting that Japan still tops the list. Interesting, because Japan has been trying to stimulate its economy with government debt now for two decades—which has now been the longest “lost decade” in history. Front and centre evidence that stimulus doesn’t work—that you can’t avoid the pain; the only choice you have is whether it’s short and sharp, or extends out over many years.
From the size of those bars on the bar chart, you can see the choices your governments have made on your behalf.
It’s winter. We’re still not out of the woods. And it’s suddenly cold.
Here’s Greg Johnson (or it should be if this song appeared on YouTube, which it doesn’t. So head here instead and click on “Suddenly Cold,” and enjoy an excerpt.)
UPDATE 1: Oh and what do you do when you have a record budget deficit?
Answer: You go to an election promising to EXPAND the welfare state, of course.
UPDATE 2: The Huffington Post, yes folks, the Huffington Post, figures out that the only ones to win out of the TARP & Stimulus were the crony phony capitalists. [Hat tip Willie S.]
Orren Boyle wins again. And while you lose, you still keep right on paying for him.