Suppose we had conducted a national opinion poll a few months ago to canvass Americans on their opinions of the G20. Most respondents, it is probably safe to say, would not have had the slightest idea whether you were asking them about a new smart phone, the trendiest fashion footwear, or the latest fat-burner diet drink.
ITEM: An editorial entitled "The Federal Reserve acts boldly to ease credit conditions" in the Seattle Times for March 20 commented: "The Federal Reserve decision to pump another trillion dollars [more precisely: $1.15 trillion] into the economy still has the capacity to raise eyebrows."
President Barack Obama’s statement last Friday that we’re “starting to see ... glimmers of hope across the economy” has gotten quite a bit of publicity. What has gotten less coverage is the president’s rationale for being so optimistic in the face of bad economic news such as the unemployment rate, which rose to 8.5 percent last month, the highest unemployment rate in over a quarter of a century. (This figure does not take into account long-term unemployed who have given up looking for jobs.)
After a record $192.3 billion federal budget deficit for March, the U.S. Treasury Department reported a $956.8 billion federal deficit for the first half of fiscal 2009 — already nearly $1 trillion. As the Treasury published the news of the deficit, President Obama told the press on April 10, “What we’re starting to see is glimmers of hope across the economy.”
Sometimes one wonders what it will take to wake people up and shake people up. It can become tiresome being labeled a kook, a nutjob, a conspiracy whacko — by both Democrats and Republicans, “liberals” and “conservatives” — all for merely pointing out what is obvious and easily verifiable. Thus, there is a certain satisfying sense of vindication when the labelers finally admit that maybe you weren’t really crazy after all. Maybe your warnings about the dangers of the steady transfers of power and money to an ever-proliferating international bureaucracy weren’t so far out. Maybe the United Nations really is being built into an all-powerful world government. And … maybe we should finally get concerned about all of that!