Yesterday, actually, but I’ve been busy.
This should probably be filed under “Duh”, if I had such a category. I’ll assign “Propaganda”. But let’s consider the idea.
“We ought to see how the first one works,” Mr. Bush said. “Let it run its course. I’m an optimist.”
Oh, wait, that’s considering the issue. That’s not how politicians work. (That President Bush was complicit in the first round of Free Money and will inevitably sign the second round is noted and irrelevant for my purpose here.) Instead, they seem to believe they can do nothing wrong. Forget that some checks from the first round of Free Money haven’t been mailed. It’s not working. It’s not not working because it’s a stupid idea. Of course. No, it’s not working because it’s not enough. So, Free Money is good. More Free Money is better. Who doesn’t realize that $1,200 (or whatever figure the Congress invents as necessary) is better than $600? I’d raise my hand, but my opinion doesn’t count. I was ineligible for the first $600 of Free Money that I will nevertheless have to repay.
I’m realistic without being cynical about the value of our currency. That position is getting harder to maintain. For example, I’d love to have a contract to supply the paper the government uses to print all the new money it keeps imagining. And I’m honestly thinking of how fascinating the loop will be when the Fed has to raise interest rates to pay for the money Congress prints. At least the worthless paper will earn high returns!