Wednesday, 11 February 2009

Newsweek: “We Are All Socialists Now.”

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NewsweekNewsweek magazine published the following headline on the cover of its February 16 issue: “We Are All Socialists Now: The Perils and Promise of the New Era of Big Government.” Of course, it’s hard to imagine that we have only now entered the era of “big government” — weren’t we there already? But there is no doubt that both money creation by the Fed and spending by the federal government are accelerating to finance the proliferating bailout and stimulus programs.

Newsweek claims: “In the absence of a robust private sector, the government will fill in the gap.” In reality, the private sector has not been robust because the government has been anything but absent. As The New American has repeatedly pointed out, the economic downturn is a result of too much government spending, too many government regulations, too much government borrowing, and too much new money being pumped into the economy by the Fed. Yet these are the very same steps that the powers that be are undertaking to reinvigorate the economy — only at an accelerated rate compared to the past.

But Newsweek’s choice for a cover headline — “We Are All Socialists Now” — in one respect points to a bit of good news. After all, the dominant thinking in Washington has been socialist for a long time, but the policies have not been identified as “socialist.” This is particularly the case when Republicans are in the White House yet are able to push through socialist policies — e.g., last year’s $700 billion financial bailout when George W. Bush was president — yet still retain the “conservative” label. Yet more and more the “S” word is being used to identify the socialist policies for what they truly are, and that growing recognition should cause many more people to sit up and take notice.

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