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This phone sold extremely well
I know that forgiveness comes at a price: In his Passion [Jesus] went deep down into the sordid darkness of our sins. He went down into the night of our guilt, for only thus can it be transformed. And by giving me authority to forgive sins, he lets me look down into the abyss of man, into the immensity of his suffering for us men, and this enables me to sense the immensity of his love. He confides in me: “No longer servants, but friends.” He entrusts to me the words of consecration in the Eucharist. He trusts me to proclaim his word, to explain it aright, and to bring it to the people of today. He entrusts himself to me. “You are no longer servants, but friends”: These words bring great inner joy, but at the same time, they are so awe-inspiring that one can feel daunted as the decades go by amid so many experiences of one’s own frailty and his inexhaustible goodness.It's like suddenly looking through a telescope and seeing the universe, after focusing your eyes for too long on the motes of dust in front of your face, kicked up by your own meanderings in the desert.
If the Austrian view is correct — and I believe the theoretical and empirical evidence strongly indicates that it is — then the best approach to recovery would be close to the opposite of these Keynesian strategies. The government budget should be cut, not increased, thereby releasing resources that private actors can use to realign the capital structure.
The money supply should not be increased. Bailouts merely freeze entrepreneurial error in place, instead of allowing the redistribution of resources into the hands of parties better able to provide for consumer demands in light of entrepreneurs' new understanding of real conditions. Emergency lending to troubled firms perpetuates the misallocation of resources and extends favoritism to firms engaged in unsustainable activities at the expense of sound firms prepared to put those resources to more appropriate uses.
This recipe of government austerity is precisely what Harding called for in his 1921 inaugural address.
Washington is struggling to make a deal that will couple an increase in the debt ceiling with a long-term reduction in spending. There is no reason for the players to make their task seem even more Herculean than it already is. But we should be prepared for upward revisions in official deficit projections in the years ahead—even if a deal is struck. There are at least three major reasons for concern.
First, a normalization of interest rates would upend any budgetary deal if and when one should occur. At present, the average cost of Treasury borrowing is 2.5%. The average over the last two decades was 5.7%. Should we ramp up to the higher number, annual interest expenses would be roughly $420 billion higher in 2014 and $700 billion higher in 2020....
The perfect storm, which could actually happen, is a combination of interest rates going up to more normal historical levels, anemic growth in the economy, and a brand new entitlement program about which no one knows what to expect, turning out (surprise!) to cost a lot more than the Washington bureaucrats told us it would cost. The first one is undoubtedly going to happen at some point, and we need to prepare for it. The second two can be avoided if we elect a Republican Congress and President and repeal Obamacare and, at the same time, lower taxes on individuals and businesses. Then you might have a chance to get businesses hiring again.
The second reason for concern is that official growth forecasts are much higher than what the academic consensus believes we should expect after a financial crisis. That consensus holds that economies tend to return to trend growth of about 2.5%, without ever recapturing what was lost in the downturn.But the president's budget of February 2011 projects economic growth of 4% in 2012, 4.5% in 2013, and 4.2% in 2014. That budget also estimates that the 10-year budget cost of missing the growth estimate by just one point for one year is $750 billion. So, if we just grow at trend those three years, we will miss the president's forecast by a cumulative 5.2 percentage points and—using the numbers provided in his budget—incur additional debt of $4 trillion. That is the equivalent of all of the 10-year savings in Congressman Paul Ryan's budget, passed by the House in April, or in the Bowles-Simpson budget plan.
Third, it is increasingly clear that the long-run cost estimates of ObamaCare were well short of the mark because of the incentive that employers will have under that plan to end private coverage and put employees on the public system. Health and Human Services Secretary Kathleen Sebelius has already issued 1,400 waivers from the act's regulations for employers as large as McDonald's to stop them from dumping their employees' coverage....
Underestimating the long-term budget situation is an old game in Washington. But never have the numbers been this large.
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