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View Diary: The CBO may be good at math but they are terrible at economics (18 comments)

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  •  This is a report from the Congressional (5+ / 0-)

    Budget Office. The Congress has much invested in the myth that the Congress, which is tasked in the Constitution with managing the currency, does not in fact have anything to do with our currency. If nothing else, there's the fact that this myth has been perpetrated for a hundred years now. So, there's tradition.
    Also, while the first century and a half of the country's existence was largely devoted to Congress doling out natural resources to favored populations and individuals in the form of various "rights:"

    grazing rights
    mining rights
    logging rights
    fishing rights
    hunting rights
    docking rights
    dredging rights
    transit rights
    trading rights
    etc.

    as the natural resource cupboard has dwindled and private property rights have pretty much restricted such distributions to nothing, Congress has made the fortuitous discovery that it can continue to secure authority and power via the virtual dole -- i.e. passing out dollars in the form of contracts and grants or, in the alternative, penalizing recalcitrant populations by depriving them of the use of currency. The latter works fairly well, but there is always the risk that the deprived will seek revenge. So, in the interest of avoiding that, it's useful to continue the pretense that money is scarce and some other entity is responsible for the scarcity.
    The quest for power is the key. Our petty potentates in Congress want it. And, since power, to be felt, has to hurt, Congress has an interest in imposing deprivation. Ergo, the sequester (a new name for a well-worn habit).

    We organize governments to deliver services and prevent abuse.

    by hannah on Sat May 25, 2013 at 07:40:03 AM PDT

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