by Jerry Pournelle
11/7/09
“Unemployment is over 10%. It wasn’t supposed to get that high. TARP was supposed to fix that.
. . . If the health care bill passes, it will fundamentally convert these United States into a different kind of popular democracy, which generally means rule by a unionized bureaucracy organized to vote. Once that much of the economy is run by government, economic recovery as many hope for will simply be impossible.
Permanent unemployment at 7% or so; median income perhaps 10% higher than it is now, but not much higher; and a long period of stagflation. Reluctance to take on new employees, and great incentive to export jobs. Is this a picture of the future? We will have to see, as Congress debates the health care and carbon tax bills.
. . . With Detroit a ruin and manufacturing industries on the ropes, small business is the only possible engine of recovery from what they don’t call a Depression; so the Congress is going to add an 8% tax on employing people. We already have the longest period of increasing unemployment since the Great Depression; I presume we are going for a really big record setting period of increasing unemployment.
. . . The incentives are now to the job black market — hire illegal immigrants who don’t have to have health insurance — or to export the job if that can possibly be done.”
Read the entire article here.
