A new report published by the World Bank has come to a spellbinding conclusion: High government spending and large public sectors substantially diminish economic growth. In fact, a slew of establishment economists and organizations have come to a similar conclusion. Daniel J. Mitchell (left), senior fellow at the Cato Institute, explained in a recent article that the era of socialism is over, and the field of economics is migrating toward a more laissez-faire ideology, where governmental authority is weakened and economies become more privatized.
Federal Reserve Chairman Ben Bernanke told lawmakers this week that the government’s borrowing was at “clearly unsustainable” levels, warning that its wild budget deficits increase the possibility of a sudden fiscal crisis which is creeping “ever closer.” The central bank chief also said Washington’s exploding debts would crowd out private-sector investment with damaging consequences for the economy.
Bureaucrats at the United Nations are floating the idea of a global tax on all financial transactions in order to fund the organization's over-arching, worldwide social services program which would supposedly provide individuals in need all over the world with such basics as free health care, housing, education, and even a basic income level.
Billionaire investor George Soros, infamous for his lavish funding of big-government and globalist causes, dropped several bombshells during a recent interview with Newsweek including a bold forecast of potential Western economic collapse, massive civil unrest, and the end of what he likes to paint as the “free market.” He also sees the emergence of one of the most dangerous periods in modern history, describing it as a time of “evil.”
The latest international Index of Economic Freedom revealed that the economy of the United States lost even more liberty for a fourth consecutive year, dropping from ninth to tenth place under the Obama administration and solidifying its designation as “mostly free” — earned in 2009, down from “free” the year before that.